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Jackson National Separate Account - I, et al. – ‘N-4/A’ on 11/30/16

On:  Wednesday, 11/30/16, at 2:59pm ET   ·   Accession #:  927730-16-664   ·   File #s:  811-08664, 333-212424

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Pre-Effective Amendment to Registration Statement for a Separate Account (Unit Investment Trust)   —   Form N-4
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-4/A       Pre-Effective Amendment to Registration Statement   HTML   9.41M 
                          for a Separate Account (Unit Investment                
                          Trust)                                                 
 5: EX-99.10    Exhibit 99.10 Kpmg Consent                          HTML      5K 
 6: EX-99.26    Exhibit 99.26 Organizational Chart                  HTML     33K 
 2: EX-99.3C    Exhibit 99.3C Fee-Based Addendum to Selling         HTML      5K 
                          Agreement                                              
 3: EX-99.5A    Exhibit 99.5A Application                           HTML     37K 
 4: EX-99.9     Exhibit 99.9 Legal Opinion                          HTML     10K

N-4/A   —   Pre-Effective Amendment to Registration Statement for a Separate Account (Unit Investment Trust)
Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
"Report of Independent Registered Public Accounting Firm
"Consolidated Balance Sheets
"Consolidated Income Statements
"Consolidated Statements of Comprehensive Income
"Consolidated Statements of Equity
"Consolidated Statements of Cash Flows
"Notes to Consolidated Financial Statements

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  N-4/A Elite Access Advisory 333-212424 Combined Document  


As filed with the Securities and Exchange Commission on November 30, 2016
Commission File Nos. 333-212424
811-08664

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-4
            
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
[ ]
 
 
 
 
Pre-Effective Amendment No. 1
[X]
 
 
 
 
Post-Effective Amendment No.
[ ]
 
 
and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

Amendment No. 575
[X]

JACKSON NATIONAL SEPARATE ACCOUNT - I
(Exact Name of Registrant)


JACKSON NATIONAL LIFE INSURANCE COMPANY
(Name of Depositor)


1 Corporate Way, Lansing, Michigan 48951
(Address of Depositor's Principal Executive Offices)

Depositor's Telephone Number, including Area Code: (517) 381-5500

Andrew J. Bowden, Esq., Senior Vice President, General Counsel and Secretary
Jackson National Life Insurance Company, 1 Corporate Way, Lansing, MI 48951
(Name and Address of Agent for Service)

Copy to:
Frank J. Julian, Esq., Assistant Vice President, Legal
Jackson National Life Insurance Company, 1 Corporate Way, Lansing, MI 48951


Approximate Date of Proposed Public Offering: As soon as practicable after effectiveness of the registration statement.

Title of Securities Being Registered: the Flexible Premium Variable Deferred Annuity contract.

The Registrant hereby agrees to amend this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.




ELITE ACCESS ADVISORYSM  

FLEXIBLE PREMIUM VARIABLE DEFERRED ANNUITY

Issued by
Jackson National Life Insurance Company® through
Jackson National Separate Account – I

The date of this prospectus is December 20 , 2016. This prospectus states the information about the Separate Account, the Contract, and Jackson National Life Insurance Company (“Jackson®”) you should know before investing. This prospectus is a disclosure document and describes all of the Contract’s material features, benefits, rights, and obligations. The description of the Contract’s material provisions in this prospectus is current as of the date of this prospectus. If certain material provisions under the Contract are changed after the date of this prospectus, in accordance with the Contract, those changes will be described in a supplemented prospectus. You should carefully read this prospectus in conjunction with any applicable supplements. It is important that you also read the Contract and endorsements, which may reflect additional non-material state variations or other non-material variations. This information is meant to help you decide if the Contract will meet your needs. Please carefully read this prospectus and any related documents and keep everything together for future reference. Additional information about the Separate Account can be found in the statement of additional information (“SAI”) dated December 20 , 2016 that is available upon request without charge. To obtain a copy, complete the Statement of Additional Information Request Form on page 47, or contact us at our:
Annuity Service Center
P.O. Box 30314
Lansing, Michigan 48909-7814
1-800-644-4565
www.jackson.com

We reserve the right to limit the number of Contracts that you may purchase. We also reserve the right to refuse initial and any or all subsequent Premium payments. Please confirm with us or your representative that you have the most current prospectus and supplements to the prospectus.

The Contracts are sold by broker-dealers who are also registered as, affiliated with, or in a contractual relationship with a registered investment adviser, through their registered representatives/investment adviser representatives. The Contracts are intended to be used by investors who have engaged these investment advisers and investment adviser representatives to manage their Contract Value for a fee. We offer other variable annuity products with different product features, benefits and charges. In some states, you may purchase the Contract through an automated electronic transmission/order ticket verification procedure. Ask your representative about availability and the details.

The SAI is incorporated by reference into this prospectus, and its table of contents appears on page 47. The prospectus and SAI are part of the registration statement that we filed with the Securities and Exchange Commission (“SEC”) about this securities offering. The registration statement, material incorporated by reference, and other information is available on the website the SEC maintains (http://www.sec.gov) regarding registrants that make electronic filings.

Jackson is relying on SEC Rule 12h-7, which exempts insurance companies from filing periodic reports under the Securities Exchange Act of 1934 with respect to variable annuity contracts that are registered under the Securities Act of 1933 and regulated as insurance under state law.
Neither the SEC nor any state securities commission has approved or disapproved these securities or passed upon the adequacy of this prospectus. It is a criminal offense to represent otherwise. We do not intend for this prospectus to be an offer to sell or a solicitation of an offer to buy these securities in any state where this is not permitted.
• Not FDIC/NCUA insured • Not Bank/CU guaranteed • May lose value • Not a deposit • Not insured by any federal agency


The Contract makes available for investment variable options. The variable options are Investment Divisions of the Separate Account, each of which invests in one of the following Funds – all class A shares:

JNL Series Trust

JNL/American Funds® Growth-Income Fund
JNL/American Funds International Fund
JNL Multi-Manager Alternative Fund
JNL Multi-Manager Mid Cap Fund
JNL Multi-Manager Small Cap Growth Fund
JNL Multi-Manager Small Cap Value Fund
JNL Alt 65 Fund
JNL/AB Dynamic Asset Allocation Fund
JNL/AQR Managed Futures Strategy Fund
JNL/BlackRock Global Allocation Fund
JNL/BlackRock Natural Resources Fund
JNL/Boston Partners Global Long Short Equity Fund
JNL/Brookfield Global Infrastructure and MLP Fund
JNL/Causeway International Value Select Fund
JNL/Crescent High Income Fund
JNL/DFA U.S. Core Equity Fund
JNL/DoubleLine® Emerging Markets Fixed Income Fund
JNL/DoubleLine® Shiller Enhanced CAPE® Fund
JNL/FPA + DoubleLine® Flexible Allocation Fund
JNL/Franklin Templeton Global Multisector Bond Fund
JNL/Franklin Templeton Income Fund
JNL/Franklin Templeton International Small Cap Growth Fund
JNL/Goldman Sachs Emerging Markets Debt Fund
JNL/Goldman Sachs U.S. Equity Flex Fund
JNL/Harris Oakmark Global Equity Fund
JNL/Invesco China-India Fund
JNL/Invesco Global Real Estate Fund
JNL/Invesco International Growth Fund
JNL/Invesco Small Cap Growth Fund
JNL/JPMorgan MidCap Growth Fund
JNL/JPMorgan U.S. Government & Quality Bond Fund
JNL/Lazard Emerging Markets Fund
JNL/Mellon Capital Index 5 Fund
JNL/Mellon Capital Emerging Markets Index Fund
JNL/Mellon Capital European 30 Fund
JNL/Mellon Capital Pacific Rim 30 Fund
JNL/Mellon Capital S&P 500 Index Fund
JNL/Mellon Capital S&P 400 MidCap Index Fund
JNL/Mellon Capital Small Cap Index Fund
JNL/Mellon Capital International Index Fund
JNL/Mellon Capital Bond Index Fund
JNL/Mellon Capital Utilities Sector Fund
JNL/MMRS Conservative Fund
JNL/MMRS Growth Fund
JNL/MMRS Moderate Fund
JNL/Neuberger Berman Strategic Income Fund
JNL/Oppenheimer Emerging Markets Innovator Fund
JNL/PIMCO Real Return Fund
JNL/PIMCO Total Return Bond Fund
JNL/PPM America Floating Rate Income Fund
JNL/PPM America High Yield Bond Fund
JNL/PPM America Mid Cap Value Fund
JNL/PPM America Total Return Fund
JNL/Red Rocks Listed Private Equity Fund
JNL/Scout Unconstrained Bond Fund
JNL/T. Rowe Price Established Growth Fund
 
JNL/T. Rowe Price Short-Term Bond Fund
JNL/T. Rowe Price Value Fund
JNL/Westchester Capital Event Driven Fund
JNL/WMC Balanced Fund
JNL/WMC Money Market Fund
JNL/S&P Competitive Advantage Fund
JNL/S&P Dividend Income & Growth Fund
JNL/S&P International 5 Fund
JNL/S&P Intrinsic Value Fund
JNL/S&P Total Yield Fund
JNL/S&P 4 Fund
JNL/S&P Mid 3 Fund

Jackson Variable Series Trust

JNAM Guidance - Interest Rate Opportunities Fund
JNAM Guidance - Conservative Fund
JNAM Guidance - Moderate Fund
JNAM Guidance - Growth Fund
JNAM Guidance - Moderate Growth Fund
JNAM Guidance - Maximum Growth Fund
JNAM Guidance - Alt 100 Fund
JNAM Guidance - Equity 100 Fund
JNAM Guidance - Fixed Income 100 Fund
JNAM Guidance - Real Assets Fund
JNL Tactical ETF Conservative Fund
JNL Tactical ETF Moderate Fund
JNL Tactical ETF Growth Fund
JNL/American Funds® Global Growth Fund
JNL/American Funds® Growth Fund
JNL/AQR Risk Parity Fund
JNL/BlackRock Global Long Short Credit Fund
JNL/DFA U.S. Micro Cap Fund
JNL/DoubleLine® Total Return Fund
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund
JNL/Epoch Global Shareholder Yield Fund
JNL/FAMCO Flex Core Covered Call Fund
JNL/Lazard International Strategic Equity Fund
JNL/Neuberger Berman Currency Fund
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund
JNL/Nicholas Convertible Arbitrage Fund
JNL/PIMCO Credit Income Fund
JNL/PPM America Long Short Credit Fund
JNL/T. Rowe Price Capital Appreciation Fund
JNL/The Boston Company Equity Income Fund
JNL/The London Company Focused U.S. Equity Fund
JNL/Van Eck International Gold Fund
JNL/WCM Focused International Equity Fund

JNL Variable Fund LLC

JNL/Mellon Capital S&P® 24 Fund
JNL/Mellon Capital Nasdaq® 100 Fund
JNL/Mellon Capital S&P® SMid 60 Fund
JNL/Mellon Capital Communications Sector Fund



JNL/Mellon Capital Consumer Brands Sector Fund
JNL/Mellon Capital Financial Sector Fund
JNL/Mellon Capital Healthcare Sector Fund

 
JNL/Mellon Capital Oil & Gas Sector Fund
JNL/Mellon Capital Technology Sector Fund



The Funds are not the same mutual funds that you would buy directly from a retail mutual fund company or through your stockbroker. The summary prospectuses for the Funds are attached to this prospectus. You should read the summary prospectuses before investing.







TABLE OF CONTENTS
GLOSSARY   
1
KEY FACTS   
2
FEES AND EXPENSES TABLES   
3
Owner Transaction Expenses
3
Periodic Expenses
4
Total Annual Fund Operating Expenses
4
EXAMPLE   
8
CONDENSED FINANCIAL INFORMATION   
8
THE ANNUITY CONTRACT   
8
JACKSON   
9
THE SEPARATE ACCOUNT   
9
INVESTMENT DIVISIONS   
10
JNL Series Trust
10
Jackson Variable Series Trust
20
JNL Variable Fund LLC
25
Voting Privileges
26
Substitution
26
CONTRACT CHARGES   
26
Monthly Contract Charge
26
Transfer Charge
27
Withdrawal Charge
27
Commutation Fee
28
Other Expenses
28
Premium Taxes
28
Income Taxes
28
DISTRIBUTION OF CONTRACTS   
28
PURCHASES   
31
Minimum Initial Premium
31
Minimum Additional Premiums
31
Maximum Premiums
31
Allocations of Premium
31
Accumulation Units
31
TRANSFERS AND FREQUENT TRANSFER RESTRICTIONS   
32
Restrictions on Transfers: Market Timing
32
TELEPHONE AND INTERNET TRANSACTIONS   
33
The Basics
33
What You Can Do and How
33
What You Can Do and When
33
How to Cancel a Transaction
33



Our Procedures
33
ACCESS TO YOUR MONEY   
34
Systematic Withdrawal Program
35
Suspension of Withdrawals or Transfers
35
INCOME PAYMENTS (THE INCOME PHASE)   
35
Fixed Income Payments
35
Variable Income Payments
35
Income Options
36
DEATH BENEFIT   
37
Payout Options
37
Pre-Selected Payout Options
37
Spousal Continuation Option
38
Death of Owner On or After the Income Date
38
Death of Annuitant
38
Stretch Contracts
38
TAXES   
38
Contract Owner Taxation
38
Tax-Qualified and Non-Qualified Contracts
38
Non-Qualified Contracts – General Taxation
39
Non-Qualified Contracts – Aggregation of Contracts
39
Non-Qualified Contracts – Withdrawals and Income Payments
39
Non-Qualified Contracts – Required Distributions
39
Non-Qualified Contracts – 1035 Exchanges
40
Tax-Qualified Contracts – Withdrawals and Income Payments
40
Withdrawals – Tax-Sheltered Annuities
40
Withdrawals – Roth IRAs
40
Constructive Withdrawals – Investment Adviser Fees
40
Death Benefits
40
Assignment
41
Diversification
41
Owner Control
41
Withholding
41
Jackson Taxation
41
OTHER INFORMATION   
42
Dollar Cost Averaging
42
Earnings Sweep
42
Guidance Model Portfolios
42
Rebalancing
43
Free Look
44
Advertising
44
Restrictions Under the Texas Optional Retirement Program (ORP)
44
Modification of Your Contract
44



Confirmation of Transactions
44
Legal Proceedings
45
TABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION   
47
APPENDIX A (Trademarks, Services Marks, and Related Disclosures)
A-1
APPENDIX B (Financial Institution Support)
B-1





GLOSSARY

These terms are capitalized when used throughout this prospectus because they have special meaning. In reading this prospectus, please refer back to this glossary if you have any questions about these terms.


Accumulation Unit – a unit of measure we use to calculate the value in an Investment Division prior to the Income Date.

Annuitant – the natural person on whose life annuity payments for this Contract are based. The Contract allows for the naming of joint Annuitants. Any reference to the Annuitant includes any joint Annuitant.

Annuity Unit – a unit of measure we use in calculating the value of a variable annuity payment on and after the Income Date.

Beneficiary – the natural person or legal entity designated to receive any Contract benefits upon the Owner's death. The Contract allows for the naming of multiple Beneficiaries.

Business Day – each day that the New York Stock Exchange is open for business.

Completed Year – the succeeding twelve months from the date on which we receive a Premium payment. Completed Years specify the years from the date of receipt of the Premium and does not refer to Contract Years. If the Premium receipt date is on the Issue Date of the Contract then Completed Year 0-1 does not include the first Contract Anniversary. The first Contract Anniversary begins Completed Year 1-2 and each successive Completed Year begins with the Contract Anniversary of the preceding Contract Year and ends the day before the next Contract Anniversary.

If the Premium receipt date is other than the Issue Date or a subsequent Contract Anniversary, there is no correlation of the Contract Anniversary date and Completed Years. For example, if the Issue Date is January 15, 2017 and a Premium payment is received on February 28, 2017 then, although the first Contract Anniversary is January 15, 2018, Completed Year 0-1 for that Premium payment would begin on February 28, 2017 and end on February 27, 2018. Completed Year 1-2 for that Premium payment would begin on February 28, 2018.

Contract – the individual deferred variable annuity contract, including any endorsements.

Contract Anniversary – each one-year anniversary of the Contract's Issue Date.

Contract Month – the period of time between consecutive monthly anniversaries of the Contract's Issue Date.

Contract Monthly Anniversary – each one-month anniversary of the Contract's Issue Date.

Contract Quarter – the period of time between consecutive three-month anniversaries of the Contract's Issue Date.

Contract Quarterly Anniversary – each three-month anniversary of the Contract's Issue Date.

Contract Value – the sum of the allocations to the Contract's Investment Divisions.

Contract Year – the succeeding twelve months from a Contract's Issue Date and every anniversary. The first Contract Year (Contract Year 0-1) starts on the Contract's Issue Date and extends to, but does not include, the first Contract Anniversary.
 
Subsequent Contract Years start on an anniversary date and extend to, but do not include, the next anniversary date.
For example, if the Issue Date is January 15, 2017, then the end of Contract Year 0-1 would be January 14, 2018, and January 15, 2018, which is the first Contract Anniversary, begins Contract Year 1-2.

Fund – a registered management investment company in which an Investment Division of the Separate Account invests.

Good Order – when our administrative requirements, including all information, documentation and instructions deemed necessary by us, in our sole discretion, are met in order to issue a Contract or execute any requested transaction pursuant to the terms of the Contract.

Income Date – the date on which you begin receiving annuity payments.

Investment Division – one of multiple variable options of the Separate Account to allocate your Contract’s value, each of which exclusively invests in a different available Fund. The Investment Divisions are called variable because the return on investment is not guaranteed.

Issue Date – the date your Contract is issued.

Jackson, JNL, we, our, or us – Jackson National Life Insurance Company. (We do not capitalize “we,” “our,” or “us” in the prospectus.)

Latest Income Date – the Contract Anniversary on or next following the date on which the Owner attains age 95 under a non-qualified contract, or such earlier date as required by the applicable qualified plan, law or regulation.

Owner, you or your – the natural person or legal entity entitled to exercise all rights and privileges under the Contract. Usually, but not always, the Owner is the Annuitant. The Contract allows for the naming of joint Owners. (We do not capitalize “you” or “your” in the prospectus.) Any reference to the Owner includes any joint Owner.

Premium(s) – considerations paid into the Contract by or on behalf of the Owner. The maximum aggregate Premium payments you may make without prior approval is $2.5 million. This maximum amount is subject to further limitations at any time on both initial and subsequent Premium payments.

Remaining Premium – the total Premium paid reduced by withdrawals that incur withdrawal charges, and withdrawals of Premiums that are no longer subject to withdrawal charges.

Separate Account – Jackson National Separate Account – I. The Separate Account is divided into sub-accounts generally referred to as Investment Divisions.




1


KEY FACTS
The immediately following two sections briefly introduce the Contract (and its benefits and features) and its costs; however, please carefully read the whole prospectus and any related documents before purchasing the Contract to be sure that it will meet your needs.
 
Allocation Options
The Contract makes available Investment Divisions for allocation of your Premium payments and Contract Value. For more information about the Investment Divisions, please see “INVESTMENT DIVISIONS” beginning on page 10.
 
 
 
 
Investment Purpose
The Contract is intended to help you save for retirement or another long-term investment purpose. The Contract is designed to provide tax deferral on your earnings, if it is not issued under a qualified retirement plan. Qualified plans confer their own tax deferral. For more information, please see “TAXES” beginning on page 38.
 
 
 
 
Free Look
If you change your mind about having purchased the Contract, you may return it without penalty. There are conditions and limitations, including time limitations, depending on where you live. For more information, please see “Free Look” beginning on page 44. In some states, we are required to hold the Premiums of a senior citizen in the JNL/WMC Money Market Investment Division during the free look period, unless we are specifically directed to allocate the Premiums to the Investment Divisions. State laws vary; your free look rights will depend on the laws of the state in which you purchased the Contract.
 
 
 
 
Purchases
There are minimum and maximum Premium requirements. For more information, please see “PURCHASES” beginning on page 31.
 
 
 
 
Withdrawals
Before the Income Date, there are a number of ways to access your Contract Value, generally subject to a charge or adjustment, particularly during the early Contract Years. The Contract has a free withdrawal provision. For more information, please see “ACCESS TO YOUR MONEY” beginning on page 34.
 
 
 
 
Income Payments
There are a number of income options available. For more information, please see “INCOME PAYMENTS (THE INCOME PHASE)” beginning on page 35.
 
 
 
 
Death Benefit
The Contract has a death benefit that becomes payable if you die before the Income Date. For more information, please see “DEATH BENEFIT” beginning on page 37.
 
 
 
 
Contract Charges
Various charges apply under the Contract as summarized in the “FEES AND EXPENSES TABLES” below. If the Contract Value is insufficient to pay the charges under the Contract,
the Contract will terminate without value.


2


FEES AND EXPENSES TABLES

The following tables describe the fees and expenses that you will pay when purchasing, owning and surrendering the Contract. The first table (and footnotes) describes the fees and expenses that you will pay at the time that you purchase the Contract, surrender the Contract or transfer cash value between investment options. Fees and expenses also may apply after the Income Date. For more information, please see “Commutation Fee” on page 28, and “INCOME PAYMENTS (THE INCOME PHASE)” beginning on page 35.
 
Owner Transaction Expenses
 
 
 
 
 
Front-end Sales Load
None
 
 
 
 
 
 
Maximum Withdrawal Charge 1 
 
 
 
 
Percentage of Premium withdrawn, if applicable
2.0%
 
 
 
 
 
 
Maximum Premium Taxes 2
 
 
 
 
Percentage of each Premium
3.5%
 
 
 
 
 
Transfer Charge 3
 
 
 
 
Per transfer after 15 in a Contract Year
$25
 
 
 
 
 
 
Expedited Delivery Charge 4
$22.50
 
 
 
 
 

1 
There may be a withdrawal charge on the following withdrawals of Contract Value: withdrawals in excess of the free withdrawal amounts; withdrawals under a tax-qualified Contract that exceed the required minimum distributions of the Internal Revenue Code; withdrawals in excess of the free withdrawal amount to meet the required minimum distributions of a tax-qualified Contract purchased with contributions from a nontaxable transfer, after the Owner's death, of an Individual Retirement Annuity (IRA), or to meet the required minimum distributions of a Roth IRA annuity and a total withdrawal . The withdrawal charge is a schedule lasting three Completed Years following each Premium (state variations may apply).

Withdrawal Charge (as a percentage of Premium payments)

 
Completed Years Since Receipt Of Premium
0-1
1-2
2-3
3+
Withdrawal Charge
2.0%
2.0%
1.0%
0%

2 
Premium taxes generally range from 0 to 3.5% and vary by state.

3 
We do not count transfers in conjunction with Dollar Cost Averaging, Earnings Sweep, Rebalancing, and periodic automatic transfers. For information on the Dollar Cost Averaging, Earnings Sweep and Rebalancing programs please see the applicable section under “OTHER INFORMATION” beginning on page 42.

4 
For overnight delivery on Saturday; otherwise, the overnight delivery charge is $10 for withdrawals. We also charge $20 for wire transfers in connection with withdrawals.


3


The next table (and footnote ) describes the fees and expenses that you will pay periodically during the time that you own the Contract, not including the Funds’ fees and expenses.
Periodic Expenses
 
 
 
Monthly Charge
Annual Charge
 
 
Monthly Contract Charge 5
$10
$120
 

5 
The maximum Monthly Contract Charge will increase by $2.50 ($30 per year) on every fifth Contract Anniversary following the Issue Date. For example, if you own the Contract for 10 years, the maximum annual Monthly Contract Charge is $180 beginning on the tenth Contract Anniversary and will increase by $30 every fifth Contract Anniversary thereafter. For more information about this charge, please see "Monthly Contract Charge" under the "Contract Charges" section.

The next item shows the minimum and maximum total annual operating expenses charged by the Funds that you may pay periodically during the time that you own the Contract.

Total Annual Fund Operating Expenses
(Expenses that are deducted from Fund assets, including management and administration fees, 12b-1 service fees and other expenses.)
 
Minimum: 0.56%
 
Maximum: 2.58%
 

More detail concerning each Fund's fees and expenses is below. But please refer to the Funds' prospectuses for even more information, including investment objectives, performance, and information about the Funds' Advisers, Administrators, and Sub-Advisers.


Fund Operating
Expenses

(As an annual percentage of
each Fund's average
daily net assets)

Fund Name
Management
Fee

Distribution
and/or Service
(12b-1) Fees
Other Expenses

Acquired Fund
Fees and Expenses
Total
Annual Fund Operating Expenses
Contractual
Fee Waiver
and/or Expense Reimbursement
Net Total Annual Fund Operating Expenses
JNL Series Trust
JNL/American Funds Growth-Income
0.94% A
0.20% A
0.17% A, G
0.00%
1.31% A
(0.35%) B
0.96% A, B, I
JNL/American Funds International
1.35% A
0.20% A
0.19% A, G
0.00%
1.74% A
(0.55%) B
1.19% A, B, I
JNL Multi-Manager Alternative
1.75%
0.20%
0.56% H
0.07%
2.58%
(0.40%) C, S
2.18% C, I
JNL/DFA U.S. Core Equity
0.58%
0.20%
0.10% F
0.00%
0.88%
(0.08%) C
0.80% C
JNL/Goldman Sachs Emerging Markets Debt
0.72%
0.20%
0.15% G
0.00%
1.07%
(0.01%) C
1.06% C
JNL/Invesco Global Real Estate
0.70%
0.20%
0.15% G
0.00%
1.05%
(0.00%)
1.05%
JNL/Invesco China-India
0.90%
0.20%
0.16% G
0.00%
1.26% I
(0.00%)
1.26% I
JNL/Invesco Small Cap Growth
0.81%
0.20%
0.11% F
0.01%
1.13%
(0.02%) C
1.11% C
JNL/Invesco International Growth
0.62%
0.20%
0.15% G
0.01%
0.98%
(0.00%)
0.98%
JNL/Lazard Emerging Markets
0.87%
0.20%
0.16% G
0.00%
1.23%
(0.00%)
1.23%
JNL/Mellon Capital Emerging Markets Index
0.38%
0.20%
0.17% G
0.00%
0.75%
(0.00%)
0.75%
JNL/Mellon Capital S&P 500 Index
0.23%
0.20%
0.13% F
0.00%
0.56%
(0.01%) C
0.55% C
JNL/PIMCO Real Return
0.49%
0.20%
0.25% F
0.00%
0.94%
(0.00%)
0.94%
JNL/PIMCO Total Return Bond
0.50%
0.20%
0.11% F
0.00%
0.81%
(0.00%)
0.81%
JNL/PPM America Mid Cap Value
0.75%
0.20%
0.11% F
0.00%
1.06%
(0.00%)
1.06%

4



Fund Operating
Expenses

(As an annual percentage of
each Fund's average
daily net assets)

Fund Name
Management
Fee

Distribution
and/or Service
(12b-1) Fees
Other Expenses

Acquired Fund
Fees and Expenses
Total
Annual Fund Operating Expenses
Contractual
Fee Waiver
and/or Expense Reimbursement
Net Total Annual Fund Operating Expenses
JNL/T. Rowe Price Value
0.61%
0.20%
0.10% F
0.00%
0.91%
(0.00%) C
0.91% C
JNL/WMC Money Market
0.26%
0.20%
0.10% F
0.00%
0.56%
(0.31%) D
0.25% D
Jackson Variable Series Trust
JNL Tactical ETF Conservative
0.75%
0.20%
0.17% G
0.20%
1.32%
(0.45%) D
0.87% D, I
JNL Tactical ETF Moderate
0.75%
0.20%
0.17% G
0.20%
1.32%
(0.45%) D
0.87% D, I
JNL Tactical ETF Growth
0.75%
0.20%
0.17% G
0.21%
1.33%
(0.45%) D
0.88% D, I
JNL/American Funds® Growth
1.18% A
0.20%
0.14% A, F
0.00%
1.52% A
(0.50%) B, I
1.02% A, B, I
JNL/American Funds® Global Growth
1.32% A
0.20%
0.15% A, F
0.00%
1.67% A
(0.60%) B
1.07% A, B, I
JNL/AQR Risk Parity
0.85%
0.20%
0.17% G
0.08%
1.30%
(0.10%) D
1.20% D, I
JNL/PPM America Long Short Credit
0.95%
0.20%
0.17% G
0.01%
1.33%
(0.25%) D
1.08% D, I
JNL/Eaton Vance Global Macro Absolute Return Advantage
0.95%
0.20%
0.26% G
0.03%
1.44%
(0.00)
1.44% I


Fund Operating Expenses

(As an annual percentage of each Fund's average daily net assets)

Fund Name
Management Fee
Distribution and/or
Service
 (12b-1) Fees
Other Expenses

Acquired Fund 
Fees and Expenses 
Total Annual Fund Operating Expenses
JNL Series Trust
JNL Alt 65
0.14%
0.00%
0.05% E
1.30%
1.49%
JNL Multi-Manager Mid Cap
0.74%
0.20%
0.15% G
0.00%
1.09% I
JNL Multi-Manager Small Cap Growth
0.67%
0.20%
0.11% F
0.01%
0.99%
JNL Multi-Manager Small Cap Value
0.77%
0.20%
0.11% F
0.01%
1.09%
JNL/AB Dynamic Asset Allocation
0.75%
0.20%
0.15% G
0.12%
1.22%
JNL/AQR Managed Futures Strategy
0.94%
0.20%
0.15% G
0.12%
1.41% I
JNL/BlackRock Natural Resources
0.63%
0.20%
0.16% G
0.01%
1.00%
JNL/BlackRock Global Allocation
0.71%
0.20%
0.16% G
0.00%
1.07%
JNL/Boston Partners Global Long Short Equity
1.20%
0.20%
0.85% G
0.01%
2.26%
JNL/Brookfield Global Infrastructure and MLP
0.79%
0.20%
0.16% G
0.00%
1.15%
JNL/Causeway International Value Select
0.64%
0.20%
0.16% G
0.01%
1.01%
JNL/Crescent High Income
0.65%
0.20%
0.15% G
0.00%
1.00%
JNL/DoubleLine® Emerging Markets Fixed Income
0.75%
0.20%
0.15% G
0.00%
1.10%
JNL/DoubleLine® Shiller Enhanced CAPE®
0.75%
0.20%
0.15% G
0.06%
1.16%
JNL/FPA + DoubleLine® Flexible Allocation
0.80%
0.20%
0.15% G
0.01%
1.16% I
JNL/Franklin Templeton Income
0.62%
0.20%
0.10% F
0.01%
0.93%
JNL/Franklin Templeton International Small Cap Growth
0.92%
0.20%
0.15% G
0.01%
1.28% I
JNL/Franklin Templeton Global Multisector Bond
0.67%
0.20%
0.16% G
0.02%
1.05% I
JNL/Goldman Sachs U.S. Equity Flex
0.79%
0.20%
1.07% G
0.00%
2.06%
JNL/Harris Oakmark Global Equity
0.85%
0.20%
0.16% G
0.01%
1.22%
JNL/JPMorgan MidCap Growth
0.63%
0.20%
0.10% F
0.01%
0.94%
JNL/JPMorgan U.S. Government & Quality Bond
0.38%
0.20%
0.11% F
0.01%
0.70%
JNL/Mellon Capital European 30
0.29%
0.20%
0.15% G
0.00%
0.64% I
JNL/Mellon Capital Pacific Rim 30
0.31%
0.20%
0.15% G
0.00%
0.66% I
JNL/Mellon Capital S&P 400 MidCap Index
0.25%
0.20%
0.12% F
0.00%
0.57%
JNL/Mellon Capital Small Cap Index
0.25%
0.20%
0.11% F
0.00%
0.56%
JNL/Mellon Capital International Index
0.25%
0.20%
0.17% G
0.00%
0.62%

5



Fund Operating Expenses

(As an annual percentage of each Fund's average daily net assets)

Fund Name
Management Fee
Distribution and/or
Service
 (12b-1) Fees
Other Expenses

Acquired Fund 
Fees and Expenses 
Total Annual Fund Operating Expenses
JNL/Mellon Capital Bond Index
0.27%
0.20%
0.11% F
0.01%
0.59%
JNL/Mellon Capital Utilities Sector
0.34%
0.20%
0.16% G
0.00%
0.70%
JNL/Mellon Capital Index 5
0.00%
0.00%
0.05% E
0.58%
0.63%
JNL/MMRS Conservative
0.30%
0.00%
0.06% E
0.79%
1.15%
JNL/MMRS Growth
0.30%
0.00%
0.05% E
0.79%
1.14%
JNL/MMRS Moderate
0.30%
0.00%
0.05% E
0.80%
1.15%
JNL/Neuberger Berman Strategic Income
0.58%
0.20%
0.16% G
0.05%
0.99%
JNL/Oppenheimer Emerging Markets Innovator
1.10%
0.20%
0.16% G
0.07%
1.53%
JNL/PPM America Floating Rate Income
0.60%
0.20%
0.16% G
0.01%
0.97%
JNL/PPM America High Yield Bond
0.43%
0.20%
0.11% F
0.02%
0.76%
JNL/PPM America Total Return
0.49%
0.20%
0.10% F
0.01%
0.80%
JNL/Red Rocks Listed Private Equity
0.81%
0.20%
0.16% G
0.95%
2.12%
JNL/Scout Unconstrained Bond
0.65%
0.20%
0.15% G
0.02%
1.02%
JNL/T. Rowe Price Established Growth
0.56%
0.20%
0.10% F
0.00%
0.86%
JNL/T. Rowe Price Short-Term Bond
0.40%
0.20%
0.11% F
0.00%
0.71%
JNL/Westchester Capital Event Driven
1.10%
0.20%
0.45% G
0.02%
1.77%
JNL/WMC Balanced
0.43%
0.20%
0.10% F
0.01%
0.74%
JNL/S&P Competitive Advantage
0.36%
0.20%
0.10% F
0.00%
0.66%
JNL/S&P Dividend Income & Growth
0.36%
0.20%
0.10% F
0.00%
0.66%
JNL/S&P Intrinsic Value
0.36%
0.20%
0.10% F
0.00%
0.66%
JNL/S&P Total Yield
0.36%
0.20%
0.11% F
0.00%
0.67%
JNL/S&P Mid 3
0.50%
0.20%
0.10% F
0.00%
0.80%
JNL/S&P International 5
0.45%
0.20%
0.15% G
0.00%
0.80%
JNL/S&P 4
0.00%
0.00%
0.05% E
0.66%
0.71%
JNL Variable Fund LLC
JNL/Mellon Capital Nasdaq® 100
0.28%
0.20%
0.20% G
0.00%
0.68%
JNL/Mellon Capital S&P® 24
0.29%
0.20%
0.18% G
0.00%
0.67%
JNL/Mellon Capital S&P® SMid 60
0.29%
0.20%
0.18% G
0.00%
0.67%
JNL/Mellon Capital Communications Sector
0.32%
0.20%
0.16% G
0.00%
0.68%
JNL/Mellon Capital Consumer Brands Sector
0.29%
0.20%
0.16% G
0.00%
0.65%
JNL/Mellon Capital Financial Sector
0.29%
0.20%
0.16% G
0.00%
0.65%
JNL/Mellon Capital Healthcare Sector
0.27%
0.20%
0.17% G
0.00%
0.64%
JNL/Mellon Capital Oil & Gas Sector
0.28%
0.20%
0.16% G
0.00%
0.64%
JNL/Mellon Capital Technology Sector
0.28%
0.20%
0.16% G
0.00%
0.64%
Jackson Variable Series Trust
JNAM Guidance - Conservative
0.15%
0.00%
0.07% E
1.04%
1.26% I
JNAM Guidance - Moderate
0.15%
0.00%
0.07% E
1.07%
1.29% I
JNAM Guidance - Moderate Growth
0.13%
0.00%
0.07% E
1.07%
1.27% I
JNAM Guidance - Growth
0.15%
0.00%
0.07% E
1.09%
1.31% I
JNAM Guidance - Maximum Growth
0.15%
0.00%
0.07% E
1.04%
1.26% I
JNAM Guidance - Alt 100
0.15%
0.00%
0.07% E
1.56%
1.78% I
JNAM Guidance - Equity 100
0.15%
0.00%
0.07% E
0.98%
1.20% I
JNAM Guidance - Fixed Income 100
0.15%
0.00%
0.07% E
0.90%
1.12% I
JNAM Guidance - Real Assets
0.15%
0.00%
0.07% E
1.08%
1.30% I
JNAM Guidance - Interest Rate Opportunities
0.15%
0.00%
0.07% E
1.22%
1.44% I
JNL/BlackRock Global Long Short Credit
0.95%
0.20%
0.78% G
0.02%
1.95% I
JNL/DFA U.S. Micro Cap
0.80%
0.20%
0.17% G
0.00%
1.17% I
JNL/DoubleLine® Total Return
0.48%
0.20%
0.17% G
0.01%
0.86% I
JNL/Epoch Global Shareholder Yield
0.70%
0.20%
0.17% G
0.01%
1.08% I
JNL/FAMCO Flex Core Covered Call
0.60%
0.20%
0.17% G
0.01%
0.98% I

6



Fund Operating Expenses

(As an annual percentage of each Fund's average daily net assets)

Fund Name
Management Fee
Distribution and/or
Service
 (12b-1) Fees
Other Expenses

Acquired Fund 
Fees and Expenses 
Total Annual Fund Operating Expenses
JNL/Lazard International Strategic Equity
0.80%
0.20%
0.17% G
0.01%
1.18% I
JNL/Neuberger Berman Currency
0.70%
0.20%
0.17% G
0.01%
1.08% I
JNL/Neuberger Berman Risk Balanced Commodity Strategy
0.60%
0.20%
0.17% G
0.02%
0.99% I
JNL/Nicholas Convertible Arbitrage
0.85%
0.20%
0.52% G
0.01%
1.58% I
JNL/PIMCO Credit Income
0.40%
0.20%
0.18% G
0.00%
0.78% I
JNL/T. Rowe Price Capital Appreciation
0.70%
0.20%
0.17% G
0.01%
1.08% I
JNL/The Boston Company Equity Income
0.55%
0.20%
0.17% G
0.00%
0.92% I
JNL/The London Company Focused U.S. Equity
0.70%
0.20%
0.16% G
0.01%
1.07% I
JNL/Van Eck International Gold
0.80%
0.20%
0.18% G
0.00%
1.18% I
JNL/WCM Focused International Equity
0.80%
0.20%
0.16% G
0.01%
1.17% I

A 
Fees and expenses at the Master Fund level for Class 1 shares of each respective Fund are as follows:

JNL/American Funds Blue Chip Income and Growth Fund: Management Fee: 0.40%; Distribution and/or Service (12b-1) Fee: 0%; Other Expenses: 0.01%; Total Annual Portfolio Operating Expenses: 0.41%.

JNL/American Funds Global Bond Fund: Management Fee: 0.53%; Distribution and/or Service (12b-1) Fee: 0%; Other Expenses: 0.04%; Total Annual Portfolio Operating Expenses: 0.57%.

JNL/American Funds Global Small Capitalization Fund: Management Fee: 0.69%; Distribution and/or Service (12b-1) Fee: 0%; Other Expenses: 0.04%; Total Annual Portfolio Operating Expenses: 0.73%.

JNL/American Funds Growth-Income Fund: Management Fee: 0.27%; Distribution and/or Service (12b-1) Fee: 0%; Other Expenses: 0.02%; Total Annual Portfolio Operating Expenses: 0.29%.

JNL/American Funds International Fund: Management Fee: 0.50%; Distribution and/or Service (12b-1) Fee: 0%; Other Expenses: 0.04%; Total Annual Portfolio Operating Expenses: 0.54%.

JNL/American Funds New World Fund: Management Fee: 0.72%; Distribution and/or Service (12b-1) Fee: 0%; Other Expenses: 0.07%; Total Annual Portfolio Operating Expenses: 0.79%.

JNL/American Funds Growth Fund: Management Fee: 0.33%; Distribution and/or Service (12b-1) Fee: 0%; Other Expenses: 0.02%; Total Annual Portfolio Operating Expenses: 0.35%.

JNL/American Funds Global Growth Fund: Management Fee: 0.52%; Distribution and/or Service (12b-1) Fee: 0%; Other Expenses: 0.03%; Total Annual Portfolio Operating Expenses: 0.55%.

B 
JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its advisory fee for such time as the Fund is operated as a Feeder Fund, because during that time it will not be providing the portfolio management portion of the investment advisory and management services. This fee waiver will generally continue as long as the Fund is part of a master-feeder Fund structure, but in any event, the fee waiver will continue for at least one year from the date of this Prospectus, unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees. The Management and the Annual Operating Expense columns in this table reflect the inclusion of the contractual fee waivers.

C 
JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its advisory fee for at least one year from the date of this Prospectus. Thereafter, the waiver will automatically renew for one-year terms unless the Adviser provides written notice of the termination of the agreement to the Board of Trustees within 30 days of the end of the then current term.

D 
JNAM has contractually agreed to waive fees and reimburse expenses of the Fund to the extent necessary to limit the total operating expenses of each class of shares of the Fund, exclusive of brokerage costs, interest, taxes and dividend and extraordinary expenses, to an annual rate (as a percentage of the average daily net assets of the Fund) equal to or less than the Fund’s investment income for the period.  The fee waiver will continue for at least one year from the date of this Prospectus, unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees. 

E
“Other Expenses” include an Administrative Fee of 0.05% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).

F 
“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).


7


G 
“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).

H 
“Other Expenses” include an Administrative Fee of 0.20% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).

I
Expense Information has been restated to reflect current fees.

EXAMPLE

The example below is intended to help you compare the cost of investing in the Contract with the cost of investing in other variable annuity contracts. These costs include Contract Owner transaction expenses, Contract fees and Fund expenses.

The example assumes that you invest $10,000 in the Contract for the time periods indicated. Neither transfer fees nor Premium tax charges are reflected in the example. The example also assumes that your investment has a 5% annual return on assets each year.

The cost of the Monthly Contract Charge is determined by dividing the total amount of Monthly Contract Charges collected during the calendar year by the estimated average Contract size.

The following example includes maximum Fund expenses. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

If you surrender your Contract at the end of the applicable time period:
1 year
3 years
5 years
10 years
$475
$944
$1,440
$3,062

If you annuitize at the end of the applicable time period:
1 year *
3 years
5 years
10 years
$475
$844
$1,440
$3,062

*Please note, although we show this cost for comparison purposes, the earliest you can annuitize this Contract is one year after the Contract's Issue Date.

If you do not surrender your Contract:
1 year
3 years
5 years
10 years
$275
$844
$1,440
$3,062

The example does not represent past or future expenses. Your actual costs may be higher or lower.

CONDENSED FINANCIAL INFORMATION

The Contracts have not been previously offered so there is no condensed financial information related to Accumulation Unit Values under the Contracts. The value of an Accumulation Unit is determined on the basis of the per share value of an underlying Fund.

The financial statements of the Separate Account and Jackson can be found in the Statement of Additional Information. The financial statements of the Separate Account include information about all the contracts offered through the Separate Account. The financial statements of Jackson that are included should be considered only as bearing upon the company’s ability to meet its contractual obligations under the Contracts. Jackson's financial statements do not bear on the future investment experience of the assets held in the Separate Account. For your copy of the Statement of Additional Information, please contact us at the Annuity Service Center. Our contact information is on the cover page of this prospectus.

THE ANNUITY CONTRACT

Your Contract is a contract between you, the Owner, and us. Your Contract is intended to help facilitate your retirement savings on a tax-deferred basis, or other long-term investment purposes, and provides for a death benefit. Purchases under tax-qualified plans should be made for other than tax deferral reasons. Tax-qualified plans provide tax deferral that does not rely on the purchase of an annuity contract. We will not issue a Contract to someone older than age 85.

Your Contract Value will be allocated to Investment Divisions of the Separate Account that invest in underlying Funds.

8


Your Contract, like all deferred annuity contracts, has two phases:

•
the accumulation phase, when you make Premium payments to us, and

•
the income phase, when we make income payments to you.

As the Owner, you can exercise all the rights under your Contract. In general, joint Owners jointly exercise all the rights under the Contract. In some cases, such as telephone and internet transactions, joint Owners may authorize each joint Owner to act individually. On jointly owned Contracts, correspondence and required documents will be sent to the address of record of the primary Owner.

You can assign your Contract at any time during your lifetime, but we will not be bound until we receive written notice of the assignment (there is an assignment form). We reserve the right to refuse an assignment, and an assignment may be a taxable event. Please contact our Annuity Service Center for help and more information.

The Contracts are flexible Premium variable deferred annuities and may be issued as either an individual or a group contract. Contracts issued in your state may provide different features and benefits than those described in this prospectus. This prospectus provides a description of all of the Contract's material features, benefits, rights and obligations , including material state variations. In those states where Contracts are issued as group contracts, references throughout the prospectus to “Contract(s)” shall also mean “certificate(s).”

JACKSON

We are a stock life insurance company organized under the laws of the state of Michigan in June 1961. Our legal domicile and principal business address is 1 Corporate Way, Lansing, Michigan 48951. We are admitted to conduct life insurance and annuity business in the District of Columbia and all states except New York. We are ultimately a wholly owned subsidiary of Prudential plc (London, England). Prudential plc is also the ultimate parent of PPM America, Inc., a sub-adviser for certain of the Funds. Jackson is the parent of Jackson National Asset Management, LLC (“JNAM”), the investment adviser and administrator for Jackson Variable Series Trust, JNL Series Trust, and JNL Variable Fund LLC. JNAM provides certain administrative services with respect to the Separate Account, including separate account administration services and financial and accounting services. JNAM is located at 225 West Wacker Drive, Chicago, IL 60606.

We issue and administer the Contracts and the Separate Account. We maintain records of the name, address, taxpayer identification number and other pertinent information for each Owner, the number and type of Contracts issued to each Owner and records with respect to the value of each Contract.

You may elect to receive certain documentation electronically, including prospectuses, confirmations of transactions and annual and semi-annual reports. Please contact us at our Annuity Service Center for more information.

THE SEPARATE ACCOUNT

We established the Separate Account on June 14, 1993, pursuant to the provisions of Michigan law. The Separate Account is a separate account under state insurance law and a unit investment trust under federal securities law and is registered as an investment company with the SEC.

We have claimed an exclusion from the definition of the term “Commodity Pool Operator” under the Commodity Exchange Act (CEA) with respect to the Separate Account. Therefore, we are not subject to registration or regulation as a Commodity Pool Operator under the CEA with respect to the Separate Account.

The assets of the Separate Account legally belong to us and the obligations under the Contracts are our obligations. However, we are not allowed to use the Contract assets in the Separate Account to pay our liabilities arising out of any other business we may conduct. All of the income, gains and losses resulting from these assets (whether or not realized) are credited to or charged against the Contracts and not against any other Contracts we may issue.

The Separate Account is divided into Investment Divisions. We do not guarantee the investment performance of the Separate Account or any of its Investment Divisions.


9


INVESTMENT DIVISIONS

Your Contract Value may be allocated to no more than 99 Investment Divisions at any one time. Each Investment Division purchases the shares of one underlying Fund (mutual fund portfolio) that has its own investment objective. It is possible for you to lose your Contract Value allocated to any of the Investment Divisions. The amounts you are able to accumulate in your Contract during the accumulation phase depend upon the performance of the Investment Divisions you select. The amount of the income payments you receive during the income phase also will depend, in part, on the performance of the Investment Divisions you choose for the income phase.

The following Funds in which the Investment Divisions invest may be known as a “Fund of Funds” or as Funds investing in other “Underlying Funds” or investing in ETFs. Funds offered in a multi-tiered structure may have higher expenses than direct investments in the Underlying Funds or ETFs. You should read the summary prospectuses for the Funds and/or the prospectuses for the JNL Series Trust and Jackson Variable Series Trust for more information.
JNL Alt 65 Fund
JNL/Mellon Capital Index 5 Fund
JNL/MMRS Conservative Fund
JNL/MMRS Growth Fund
JNL/MMRS Moderate Fund
JNL/S&P 4 Fund
JNAM Guidance – Interest Rate Opportunities Fund
JNAM Guidance – Conservative Fund
JNAM Guidance – Moderate Fund
JNAM Guidance – Growth Fund
JNAM Guidance – Moderate Growth Fund
JNAM Guidance – Maximum Growth Fund
JNAM Guidance – Alt 100 Fund
JNAM Guidance – Equity 100 Fund
JNAM Guidance – Fixed Income 100 Fund
JNAM Guidance – Real Assets Fund
JNL Tactical ETF Conservative Fund
JNL Tactical ETF Moderate Fund
JNL Tactical ETF Growth Fund

In addition to the Fund of Funds structure, certain of the Funds operate as feeder funds that invest in master funds. These Funds are identified in the following descriptions by the designation (“Feeder Fund”) following the name of the Fund. For more information about a Feeder Fund, you should read the summary prospectuses for the Funds and/or the prospectus for the applicable Fund.

The names of the Funds that are available, along with the names of the advisers and sub-advisers and a brief statement of each investment objective, are below:

JNL Series Trust
JNL/American Funds Growth-Income Fund (“Feeder Fund”)
Jackson National Asset Management, LLC, investment adviser to the Feeder Fund (and Capital Research and Management CompanySM, investment adviser to the Master Fund)
Seeks long-term growth of capital and income through exclusive investment in the Class 1 shares of the American Funds Insurance Series® – Growth-Income FundSM (“Master Fund”). The Master Fund seeks to make the investment grow and provide income by investing primarily in common stocks or other securities that the investment adviser to the Master Fund believes demonstrate the potential for appreciation and/or dividends. The Master Fund may invest up to 15% of its assets, at the time of purchase, in securities of issuers domiciled outside the United States.

10


JNL/American Funds International Fund (“Feeder Fund”)
Jackson National Asset Management, LLC, investment adviser to the Feeder Fund (and Capital Research and Management CompanySM, investment adviser to the Master Fund)
Seeks long-term growth of capital through exclusive investment in the Class 1 shares of the American Funds Insurance Series® – International FundSM ( “Master Fund”). The Master Fund seeks to make the investment grow by investing primarily in common stocks of companies domiciled outside the United States, including companies domiciled in developing countries, that the investment adviser to the Master Fund believes have the potential for growth. Investors in the Master Fund should have a long-term perspective and, for example, be able to tolerate potentially sharp, short-term declines in value.
JNL Multi-Manager Alternative Fund
Jackson National Asset Management, LLC (and BlueBay Asset Management LLP (and sub-sub-adviser, BlueBay Asset Management USA LLC), First Pacific Advisors, Inc., Lazard Asset Management, LLC, Westchester Capital Management, LLC, Western Asset Management Company, and Invesco Advisors, Inc.)
Seeks long term growth of capital by allocating among a variety of alternative strategies managed by unaffiliated investment managers who may implement the following principal investment strategies: equity long/short strategies, event driven and merger arbitrage strategies, relative value strategies and global macro strategies.
JNL Multi-Manager Mid Cap Fund
Jackson National Asset Management, LLC (and Champlain Investment Partners, LLC, ClearBridge Investments, LLC, and Victory Capital Management, Inc.)
Seeks long-term total return by investing, under normal circumstances, at least 80% of its total net assets in a variety of mid-capitalization growth and value strategies managed by unaffiliated investment managers.
JNL Multi-Manager Small Cap Growth Fund
Jackson National Asset Management, LLC (and Chicago Equity Partners, LLC, Granahan Investment Management, Inc., LMCG Investments, LLC, and Victory Capital Management Inc.)
Seeks long-term capital appreciation by investing, under normal circumstances, at least 80% of its assets in a variety of small cap growth strategies managed by unaffiliated investment managers.
JNL Multi-Manager Small Cap Value Fund
Jackson National Asset Management, LLC (and Century Capital Management, LLC, Chicago Equity Partners, LLC, Cooke & Bieler L.P., and Cortina Asset Management, LLC)
Seeks long-term total return by investing, under normal market conditions, at least 80% of its assets in a variety of small cap value strategies managed by unaffiliated investment managers.
JNL Alt 65 Fund
Jackson National Asset Management, LLC
Seeks long-term growth of capital and income by investing in Class A shares of a diversified group of other funds (“Underlying Funds”) that invest primarily in equity and fixed-income securities. The Underlying Funds in which the Fund may invest are series of the JNL Series Trust, the JNL Variable Fund LLC, the JNL Investors Series Trust, and the Jackson Variable Series Trust. Not all funds of the JNL Series Trust, the JNL Variable Fund LLC, the JNL Investors Series Trust, and the Jackson Variable Series Trust are available as Underlying Funds. The Fund allocates approximately 35% of its assets to traditional investment categories and approximately 65% to non-traditional investment categories. Investments may include Underlying Funds that invest in both domestic and international stocks of large established companies, in stocks of smaller companies with above-average growth potential. As listed in the Fund prospectus, the Fund considers the Alternative Assets, Alternative Strategies, and Risk Management investment categories to be non-traditional, and the Domestic/Global Equity, Domestic/Global Fixed Income, International, International Fixed Income, Sector, Specialty, and Tactical Management investment categories to be traditional. Please see the Fund prospectus for more information.
JNL/AB Dynamic Asset Allocation Fund
Jackson National Asset Management, LLC (and AllianceBernstein L.P.)
Seeks to maximize total return consistent with the determination of reasonable risk and subject to the assets strategy’s asset class. The Fund invests in a globally diversified portfolio of equity and debt securities including exchange-traded funds, and other financial instruments, and expects to enter into derivatives transactions. The Fund’s neutral weighting, from which it will make its tactical asset allocations, is 70% equity exposure and 30% debt exposure.

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JNL/AQR Managed Futures Strategy Fund
Jackson National Asset Management, LLC (and AQR Capital Management, LLC)
Seeks positive absolute returns by investing primarily in a portfolio of futures contracts, futures-related instruments, and equity swaps. Equity swaps include, but are not limited to, global developed and emerging market equity index futures, swaps on equity index futures and equity swaps, global developed and emerging market currency forwards, global developed fixed-income futures, bond futures and swaps on bond futures and may also invest in commodity futures and swaps on commodity futures.
JNL/BlackRock Global Allocation Fund
Jackson National Asset Management, LLC (and BlackRock Investment Management, LLC)
Seeks high total investment return by investing in a portfolio of equity and debt securities, money market securities and other short-term securities or instruments of issuers located around the world. Generally, the Fund will invest in both equity and debt securities and seeks diversification across markets, industries and issuers as one of its strategies to reduce volatility. Equity securities include common stock, rights and warrants, preferred stock, securities convertible into common stock, or securities or other instruments whose price is linked to the value of common stock.
JNL/BlackRock Natural Resources Fund
Jackson National Asset Management, LLC (and BlackRock Investment Management, LLC)
Seeks long-term capital growth by investing primarily in equity securities of companies with substantial natural resource assets. Under normal circumstances, the Fund will invest at least 80% of its assets in companies with substantial natural resource assets or in securities the value of which is related to the market value of some natural resource asset. The Fund may invest in securities of issuers with any market capitalization. There are no geographic limits on the Fund’s investments.
JNL/Boston Partners Global Long Short Equity Fund
Jackson National Asset Management, LLC (and Robeco Investment Management, Inc.
Seeks long-term growth of capital by investing in stocks identified by the sub-adviser as undervalued and takes short positions in stocks that the sub-adviser has identified as overvalued. The Fund will invest, both long and short, primarily in equity securities issued by U.S. and non-U.S. companies of any market capitalization size.
JNL/Brookfield Global Infrastructure and MLP Fund
Jackson National Asset Management, LLC (and Brookfield Investment Management Inc.)
Seeks total return through growth of capital and current income by investing primarily in securities of publicly traded infrastructure companies. Under normal market conditions, the Fund will invest at least 80% of its net assets in MLPs and publicly traded equity securities of infrastructure companies listed on a domestic or foreign exchange. MLPs may derive income and gains from the exploration, development, mining or production, process, refining, transportation, or marketing of any mineral or natural gas.
JNL/Causeway International Value Select Fund
Jackson National Asset Management, LLC (and Causeway Capital Management LLC)
Seeks long-term growth of capital income by investing, under normal circumstances, in common stocks of companies located in developed countries outside the U.S. The Fund invests at least 80% of its assets in stocks of companies located in at least ten foreign countries and invests the majority of its total assets in companies that pay dividends or repurchase their shares.
JNL/Crescent High Income Fund
Jackson National Asset Management, LLC (and Crescent Capital Group, LP)
Seeks high current income by investing primarily in high yield fixed-income securities and bank loans that are rated below investment grade. The Fund considers investments to be below investment grade if they are rated BB+ or lower by Standard & Poor’s Ratings Services or Fitch, Inc. and/or Ba1 or lower by Moody’s Investors Service, Inc., or, if unrated, deemed to be below investment grade by the sub-adviser. Below investment grade fixed-income securities are commonly referred to as “junk bonds.”
JNL/DFA U.S. Core Equity Fund
Jackson National Asset Management, LLC (and Dimensional Fund Advisors LP)
Seeks long-term capital appreciation by investing, under normal market conditions, at least 80% of its assets in equity securities of U.S. companies. The percentage allocation of the assets of the Fund to securities of the largest U.S. growth companies will generally be reduced from between 2.5% and 25% of their percentage weight in the U.S. universe. The percentage by which the Fund’s allocation to securities of the largest U.S. growth companies is reduced will change due to

12


market movements. The range by which the Fund’s percentage allocation to all securities as compared to the U.S. universe may be modified after considering other factors the sub-adviser determines to be appropriate.
JNL/DoubleLine® Emerging Markets Fixed Income Fund
Jackson National Asset Management, LLC (and DoubleLine Capital LP)
Seeks high total return from current income and capital appreciation by investing, under normal circumstances, at least 80% of its net assets (plus the amount of borrowings for investment purposes) in fixed-income instruments. These fixed-income instruments include but are not limited to securities issued or guaranteed by companies (including foreign hybrid securities), financial institutions and government entities in emerging market countries and other securities bearing fixed or variable interest rates of any or no maturity.
JNL/DoubleLine® Shiller Enhanced CAPE® Fund
Jackson National Asset Management, LLC (and DoubleLine Capital LP)
Seeks total return (capital appreciation and current income) which exceeds the total return (capital appreciation and current income) in excess of the Shiller Barclays CAPE® US Sector TR USD Index. The Fund will seek to use derivatives, or a combination of derivatives and direct investments to provide a return that tracks closely the performance of the Index. The Fund will also invest in a portfolio of debt securities to provide additional long-term total return.
JNL/FPA + DoubleLine® Flexible Allocation Fund
Jackson National Asset Management, LLC (DoubleLine Capital LP, First Pacific Advisors, LLC and Ivy Investment Management Company)
Seeks to provide total return by allocating among a variety of alternative strategies managed by three unaffiliated sub-advisers. Each of the sub-advisers generally provides day-to-day management for a portion of the Fund’s assets.
JNL/Franklin Templeton Global Multisector Bond Fund
Jackson National Asset Management, LLC (and Franklin Advisers, Inc.)
Seeks total investment return consisting of a combination of interest income, capital appreciation, and currency gains. Under normal market conditions the Fund will invest at least 80% of its assets in fixed and floating rate debt securities and debt obligations (including convertible bonds) of governments, government-related issuers, or corporate issuers worldwide. The Fund may also invest in inflation-indexed securities and securities or structured products that are linked to or derive their value from another security, asset or currency of any nation. The Fund's assets will be invested in issuers located in at least three countries (including the U.S.).
JNL/Franklin Templeton Income Fund
Jackson National Asset Management, LLC (and Franklin Advisers, Inc.)
Seeks to maximize income while maintaining prospects for capital appreciation by investing, under normal market conditions, in a diversified portfolio of debt and equity securities. The equity securities in which the Fund invests consist primarily of common stock. The Fund seeks income by selecting investments such as corporate, foreign and U.S. Treasury bonds, as well as stocks with attractive dividend yields.
JNL/Franklin Templeton International Small Cap Growth Fund
Jackson National Asset Management, LLC (and Franklin Templeton Institutional, LLC and Templeton Investment Counsel, LLC)
Seeks long-term capital appreciation by investing, under normal market conditions, at least 80% of its assets in a diversified portfolio of investments of smaller international companies, located outside of the U.S., including those of emerging or developing markets. The Fund invests predominately in securities listed or traded on recognized international markets in developed countries included in MSCI EAFE Small Cap Index and All Country World exUS Small Cap Index. The Fund may, from time to time, have significant investments in a particular sector or country.

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JNL/Goldman Sachs Emerging Markets Debt Fund
Jackson National Asset Management, LLC (and Goldman Sachs Asset Management, L.P. and sub-sub-adviser: Goldman Sachs Asset Management International)
Seeks a high level of total return consisting of income and capital appreciation. The Fund invests, under normal circumstances, at least 80% of its assets in (i) sovereign and corporate debt securities and other instruments of issuers in emerging countries, denominated in any currency; and/or (ii) currencies of such emerging countries, which may be represented by forwards or other derivatives that may have interest rate exposure. Emerging market countries include but are not limited to those considered to be developing by the World Bank. Many of the countries in which the Fund invests will have sovereign ratings that are below investment grade or are unrated.
JNL/Goldman Sachs U.S. Equity Flex Fund
Jackson National Asset Management, LLC (Goldman Sachs Asset Management, L.P.)
Seeks long-term capital appreciation by investing in a broad mix of equity securities and equity related and/or derivative instruments that aim to produce long-term capital appreciation and target attractive risk adjusted returns compared to the S&P 500 Index. In seeking to outperform its benchmark index, the S&P 500 Index, the Fund will hold long securities that the sub-adviser believes are more likely to outperform the index, and will take short positions in securities the sub-adviser believes will underperform the index.
JNL/Harris Oakmark Global Equity Fund
Jackson National Asset Management, LLC (and Harris Associates L.P.)
Seeks capital appreciation by investing, normally, at least 80% of its assets in a diversified portfolio of common stocks of U.S. and non-U.S. companies. The Fund invests in the securities of companies located in at least three countries.
JNL/Invesco China-India Fund
Jackson National Asset Management, LLC (and Invesco Hong Kong Limited)
Seeks long-term capital growth by investing normally 80% of its assets (net assets plus the amount of any borrowings for investment purposes), in equity and equity-related securities (such as depositary receipts, convertible bonds and warrants) of corporations, which are incorporated in, or listed in, or have their area of primary activity in the Greater China region (including mainland China, Hong Kong, Macau and Taiwan) and India where the (i) securities are of issuers organized under the laws of the country or of a country within the geographic region or (ii) maintain their principal place of business in that country or region; or (iii) securities are traded principally in the country or region; or (iv) securities of issuers, during the issuer's most recent fiscal year, derived at least 50% of their revenues or profits from goods produced or sold, investments made, or services performed in the country or region or have at least 50% of their assets in that country or region.
JNL/Invesco Global Real Estate Fund
Jackson National Asset Management, LLC (and Invesco Advisers, Inc. and sub-sub-adviser: Invesco Asset Management Limited)
Seeks high total return by investing, normally, at least 80% of its assets in securities of real estate and real estate-related companies, including real estate investment trusts and in derivatives and other instruments that have economic characteristics similar to such securities. The companies will be located in at least three different countries, including the U.S.
JNL/Invesco International Growth Fund
Jackson National Asset Management, LLC (and Invesco Advisers, Inc.)
Seeks long-term growth of capital by primarily investing in equity securities and depository receipts of foreign issuers. The Fund focuses its investments in common and preferred stock and invests, under normal circumstances in securities of companies located in at least three countries outside of the U.S. The Fund may also invest no more than 30% in emerging markets securities.
JNL/Invesco Small Cap Growth Fund
Jackson National Asset Management, LLC (and Invesco Advisers, Inc.)
Seeks long-term growth of capital by investing, normally, at least 80% of its assets in equity securities of small-capitalization companies. The Fund considers a company to be a small-capitalization company if it has a market capitalization, at the time of purchase, no larger than the largest capitalized company included in the Russell 2000® Index during the most recent 11-month period (based on month-end data) plus the most recent data during the current month. The Fund may also invest up to 20% of its assets in equity securities of issuers that have market capitalizations, at the time of purchase, in other market capitalization ranges, and in investment-grade non-convertible debt securities, U.S. government securities and high quality money market instruments. The Fund may also invest up to 25% of its total assets in foreign securities.

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JNL/JPMorgan MidCap Growth Fund
Jackson National Asset Management, LLC (and J.P. Morgan Investment Management Inc.)
Seeks capital growth over the long-term by investing, under normal market circumstances, at least 80% of its assets in a broad portfolio of common stocks of companies with market capitalizations equal to those within the universe of Russell Midcap Growth Index stocks at the time of purchase. Market capitalization is the total market value of a company’s shares. The Fund may also invest up to 20% of its total assets in all types of foreign securities.
JNL/JPMorgan U.S. Government & Quality Bond Fund
Jackson National Asset Management, LLC (and J.P. Morgan Investment Management Inc.)
Seeks to obtain a high level of current income by investing, under normal circumstances, at least 80% of its assets in U.S. Treasury securities, obligations issued by agencies or instrumentalities of the U.S. government (which may not be backed by the U.S. government) and mortgage-backed securities, that are supported either by the full faith and credit of the U.S. government or their own credit, collateralized mortgage obligations issued by private issuers, repurchase agreements and derivatives related to the principal investments. The Fund may also invest in high-quality corporate debt securities.
JNL/Lazard Emerging Markets Fund
Jackson National Asset Management, LLC (and Lazard Asset Management LLC)
Seeks long-term capital appreciation by investing, under normal circumstances, at least 80% of its assets in equity securities of companies whose principal business activities are located in emerging market countries. The Fund may engage, to a limited extent, in various investment techniques, such as foreign currency transactions and the use of derivative instruments to gain exposure to foreign currencies and emerging securities, and to hedge the Fund’s investments.
JNL/Mellon Capital Index 5 Fund
Jackson National Asset Management, LLC
Seeks capital appreciation by investing in Class A shares of the following Underlying Funds:
Ø
20% in the JNL/Mellon Capital S&P 500 Index Fund;
Ø
20% in the JNL/Mellon Capital S&P 400 MidCap Index Fund;
Ø
20% in the JNL/Mellon Capital Small Cap Index Fund;
Ø
20% in the JNL/Mellon Capital International Index Fund; and
Ø
20% in the JNL/Mellon Capital Bond Index Fund.
JNL/Mellon Capital Emerging Markets Index Fund
Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)
Seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in emerging market countries. The Fund invests, under normal circumstances, at least 80% of its assets in stocks included in the MSCI Emerging Markets Index (“Index”), including depositary receipts representing securities of the Index.  The Fund attempts to replicate the Index by investing all or substantially all of its assets in the stocks that comprise the Index.
JNL/Mellon Capital European 30 Fund
Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)
Seeks to provide capital appreciation by investing at least 80% of its assets in the common stock of 30 companies selected from the MSCI Europe Index.
JNL/Mellon Capital Pacific Rim 30 Fund
Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)
Seeks to provide capital appreciation by investing under normal circumstances at least 80% of its assets in the common stock of 30 companies selected from the MSCI Pacific Index.
JNL/Mellon Capital S&P 500 Index Fund
Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)
Seeks to match the performance of the S&P 500® Index. The Fund seeks to invest under normal circumstances at least 80% of its assets in the stocks in the S&P 500 Index in proportion to their market capitalization weighting in the S&P 500 Index in order to provide long-term capital growth.

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JNL/Mellon Capital S&P 400 MidCap Index Fund
Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)
Seeks to match the performance of the S&P MidCap 400 Index. The Fund invests in equity securities of medium capitalization-weighted domestic corporations. Under normal circumstances the Fund invests at least 80% of its assets in the stocks in the S&P MidCap 400 Index in proportion to their market capitalization weighting in the S&P MidCap 400 Index in order to provide long-term capital growth.
JNL/Mellon Capital Small Cap Index Fund
Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)
Seeks to match the performance of the S&P SmallCap 600 Index and provide long-term growth of capital by investing in equity securities of small- to mid-size domestic companies. The Fund, under normal circumstances, invests at least 80% of its assets in the stocks included in the S&P SmallCap 600 Index in proportion to their market capitalization weighting in the Index.
JNL/Mellon Capital International Index Fund
Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)
Seeks to match the performance of the Morgan Stanley Capital International (“MSCI”) Europe Australia Far East (“EAFE”) Index. The Fund invests in international equity securities attempting to match the characteristics of each country within the index. Under normal circumstances the Fund invests at least 80% of its assets in the stocks included in the MCSI EAFE Index or derivative securities economically related to the MSCI EAFE Index in order to provide long-term capital growth.
JNL/Mellon Capital Bond Index Fund
Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)
Seeks to match the performance of the Barclays U.S. Aggregate Bond Index by investing under normal circumstances at least 80% of its assets in fixed-income securities. The Fund seeks to provide a moderate rate of income by investing in domestic fixed-income investments.
JNL/Mellon Capital Utilities Sector Fund
Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)
Seeks total return through capital appreciation and dividend income by investing, under normal circumstances at least 80% of its assets in the stocks in the MSCI USA IMI Utilities Index in proportion to their market capitalization weighting in the MSCI USA IMI Utilities Index.
JNL/MMRS Conservative Fund
Jackson National Asset Management, LLC (and Milliman Financial Risk Management LLC)
Seeks growth of capital while also seeking to manage volatility and provide downside protection by investment in other funds. The Fund invests in Class A shares of a diversified group of Funds (“Underlying Funds”). The Underlying Funds in which the Fund may invest are part of the JNL Series Trust, the JNL Variable Fund LLC, the JNL Investors Series Trust, and Jackson Variable Series Trust. Under normal circumstances the Fund allocates approximately 50% to 100% of its assets in Underlying Funds that invest primarily in fixed-income securities and up to 50% of its assets in Underlying Funds that invest primarily in equity securities.
JNL/MMRS Growth Fund
Jackson National Asset Management, LLC (and Milliman Financial Risk Management LLC)
Seeks growth of capital while also seeking to manage volatility and provide downside protection by investment in other funds. The Fund invests in Class A shares of a diversified group of Funds (“Underlying Funds”). The Underlying Funds in which the Fund may invest are part of the JNL Series Trust, the JNL Variable Fund LLC, the JNL Investors Series Trust, and Jackson Variable Series Trust. Under normal circumstances the Fund allocates approximately 10% to 90% of its assets in Underlying Funds that invest primarily in fixed-income securities and 10% to 90% of its assets in Underlying Funds that invest primarily in equity securities.
JNL/MMRS Moderate Fund
Jackson National Asset Management, LLC (and Milliman Financial Risk Management LLC)
Seeks growth of capital while also seeking to manage volatility and provide downside protection by investment in other funds. The Fund invests in Class A shares of a diversified group of Funds (“Underlying Funds”). The Underlying Funds in which the

16


Fund may invest are part of the JNL Series Trust, the JNL Variable Fund LLC, the JNL Investors Series Trust, and Jackson Variable Series Trust. Under normal circumstances the Fund allocates approximately 25% to 100% of its assets in Underlying Funds that invest primarily in fixed-income securities and up to 75% of its assets in Underlying Funds that invest primarily in equity securities.
JNL/Neuberger Berman Strategic Income Fund
Jackson National Asset Management, LLC (and Neuberger Berman Investment Advisers LLC)
Seeks high current income with long-term capital appreciation as its secondary objective by investing primarily in a diversified mix of fixed rate and floating rate debt securities. The Fund’s investments may include securities issued by domestic and foreign governments, corporate entities, and trust structures. The Fund may invest in a broad array of securities, including: securities issued or guaranteed as to principal or interest by the U.S. government or any of its agencies or instrumentalities; corporate bonds; commercial paper; currencies and non-U.S. securities; mortgage-backed securities and other asset-backed securities; and loans.
JNL/Oppenheimer Emerging Markets Innovator Fund
Jackson National Asset Management, LLC (and OppenheimerFunds, Inc.)
Seeks capital appreciation by investing in equity securities of issuers in emerging markets and developing markets through the world. Under normal circumstances, the Fund will invest at least 80% of its assets in equity securities of issuers that are economically tied to an emerging market country.
JNL/PIMCO Real Return Fund
Jackson National Asset Management, LLC (and Pacific Investment Management Company LLC)
Seeks maximum real return, consistent with preservation of real capital and prudent investment management. The Fund invests, under normal circumstances, at least 80% of its assets in inflation-indexed bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies or instrumentalities, and corporations. Assets not invested in inflation-indexed bonds may be invested in other types of Fixed Income Instruments, which include bonds, debt securities, and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities.
JNL/PIMCO Total Return Bond Fund
Jackson National Asset Management, LLC (and Pacific Investment Management Company LLC)
Seeks to realize maximum total return, consistent with the preservation of capital and prudent investment management. The Fund invests, under normal circumstances, at least 80% of its assets in a diversified portfolio of fixed-income instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements.
JNL/PPM America Floating Rate Income Fund
Jackson National Asset Management, LLC (and PPM America, Inc.)
Seeks to provide a high level of current income by investing, under normal circumstances, at least 80% of its net assets in floating rate loans and other floating rate investments, defined as floating rate loans, floating rate notes, other floating rate debt securities, structured products, money market securities of all types, repurchase agreements, shares of money market funds, short-term bond funds and floating rate funds. Further, while not a principal investment strategy, the Fund may engage in derivatives transactions. Investment in such derivative or other synthetic instruments that have economic characteristics similar to the floating rate investments may be used for the purpose of satisfying the 80% minimum investment requirement.
JNL/PPM America High Yield Bond Fund
Jackson National Asset Management, LLC (and PPM America, Inc.)
Seeks to maximize current income, with capital appreciation as a secondary objective, by investing, under normal circumstances, at least 80% of its assets in high-yield, high-risk debt securities, commonly referred to as “junk bonds” and related investments. Further, while not a principal investment strategy, the Fund may engage in derivatives transactions. Investment in derivatives instruments that have economic characteristics similar to the fixed-income investments may be used for the purpose of satisfying the 80% minimum investment requirement. The Fund may also invest in securities of foreign issuers. To the extent that the Fund invests in emerging market debt, this will be considered as an investment in a high-yield security for purposes of the 80% investment minimum requirement.

17


JNL/PPM America Mid Cap Value Fund
Jackson National Asset Management, LLC (and PPM America, Inc.)
Seeks long-term growth of capital by investing, primarily, at least 80% of its assets in a diversified portfolio of equity securities of U.S. companies with market capitalizations within the range of companies constituting the Russell Midcap Index (“Index”) under normal market conditions at the time of the initial purchase. The market capitalization range of the Index will vary with market conditions over time. If the market capitalization of a company held by the Fund moves outside the then-current Index range, the Fund may, but is not required to, sell such company's securities.
JNL/PPM America Total Return Fund
Jackson National Asset Management, LLC (and PPM America, Inc.)
Seeks to realize maximum total return, consistent with the preservation of capital and prudent investment management. Under normal circumstances, the Fund invests at least 80% of its assets in a diversified portfolio of fixed-income investments of U.S. and foreign issuers such as government, corporate, mortgage- and other asset-backed securities and cash equivalents. The Fund may also invest in derivative instruments.
JNL/Red Rocks Listed Private Equity Fund
Jackson National Asset Management, LLC (and Red Rocks Capital LLC)
Seeks maximum total return by investing at least 80% of its assets in (i) securities of U.S. and non-U.S. companies listed on a national securities exchange, or foreign equivalent, that have a significant portion of their assets invested in or exposed to private companies or have as its stated intention to have a significant portion of its assets invested in or exposed to private companies (“Listed Private Equity Companies”), and (ii) derivatives or other instruments (such as exchange traded funds) that otherwise have the economic characteristics of Listed Private Equity Companies.
JNL/Scout Unconstrained Bond Fund
Jackson National Asset Management, LLC (and Scout Investments, Inc.)
Seeks to maximize total return consistent with the preservation of capital. The Fund invests at least 80% of its assets, determined at the time of purchase, in fixed-income instruments. In certain market conditions, the Fund may pursue its investment objective by investing a significant portion of its assets in cash or short-term debt obligations.
JNL/T. Rowe Price Established Growth Fund
Jackson National Asset Management, LLC (and T. Rowe Price Associates, Inc.)
Seeks long-term growth of capital and increasing dividend income by investing generally in common stocks of large-capitalization companies. The sub-adviser seeks investments in companies with one or more of the following characteristics: strong cash flow and an above-average rate of earnings growth; the ability to sustain earnings momentum during economic downturns; and occupation of a lucrative niche in the economy and the ability to expand even during times of slow economic growth. While the Fund invests principally in U.S. common stocks, other securities may also be purchased, including foreign stocks, futures and options.
JNL/T. Rowe Price Short-Term Bond Fund
Jackson National Asset Management, LLC (and T. Rowe Price Associates, Inc.)
Seeks a high level of income consistent with minimal fluctuation in principal value and liquidity by investing in a diversified portfolio of short- and intermediate-term investment-grade corporate, government, and mortgage-backed securities. The Fund may also invest in money market securities, bank obligations, collateralized mortgage obligations, and foreign securities. Normally, the Fund will invest at least 80% of its net assets in bonds. The Fund will only purchase securities that are rated within the four highest credit categories (e.g. AAA, AA, A, BBB, or equivalent) at the time of purchase by at least one major credit rating agency or, if unrated, deemed to be of comparable quality by the sub-adviser.
JNL/T. Rowe Price Value Fund
Jackson National Asset Management, LLC (and T. Rowe Price Associates, Inc.)
Seeks long-term capital appreciation by investing, via a value approach investment selection process, at least 65% of total assets in common stocks believed to be undervalued. Stock holdings are expected to consist primarily of large-company stocks, but may also include mid-cap and small-cap companies. The Fund may invest up to 25% of its total assets (excluding reserves) in foreign securities. Income is a secondary objective.

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JNL/Westchester Capital Event Driven Fund
Jackson National Asset Management, LLC (and Westchester Capital Management, LLC)
Seeks to provide attractive risk-adjusted returns with low relative volatility in virtually all market environments. The Fund employs investment strategies designed to capture price movements generated by specific events including, but not limited to, securities of companies involved in mergers, acquisitions, asset sales or other divestitures, restructurings, refinancings, recapitalizations, reorganizations or other special situations.
JNL/WMC Balanced Fund
Jackson National Asset Management, LLC (and Wellington Management Company LLP)
Seeks reasonable income and long-term capital growth by investing primarily in a diversified portfolio of common stocks and investment grade fixed-income securities. The Fund may invest in any type or class of security. The anticipated mix of the Fund’s holdings is typically 60-70% of its assets in equities and 30-40% in fixed-income securities, including cash and cash equivalents.
JNL/WMC Money Market Fund
Jackson National Asset Management, LLC (and Wellington Management Company LLP)
Seeks to achieve as high a level of current income as is consistent with the preservation of capital and maintenance of liquidity by investing in, under normal circumstances, at least 99.5% of its total assets in cash, U.S. Government securities, and/or repurchase agreements that are "collateralized fully" (i.e., collateralized by cash or government securities).
JNL/S&P Competitive Advantage Fund
Jackson National Asset Management, LLC (and Standard & Poor's Investment Advisory Services LLC and Mellon Capital Management Corporation)
Seeks capital appreciation by investing in the stock of anywhere from 30 to 90 distinct companies (generally ranging from 35 to 50 distinct companies) included in the S&P 500 ® Index that are believed to have superior profitability, as measured by return on invested capital, and trade at relatively attractive valuations.
JNL/S&P Dividend Income & Growth Fund
Jackson National Asset Management, LLC (and Standard & Poor's Investment Advisory Services LLC and Mellon Capital Management Corporation)
Seeks primarily capital appreciation with secondary focus on current income by investing in the stock of 33 to 99 distinct companies (generally ranging from 35 to 50 distinct companies) included in the S&P 500 ® Index that have attractive dividend yields and strong capital structures as determined by Standard & Poor’s Investment Advisory Services LLC.
JNL/S&P International 5 Fund
Jackson National Asset Management, LLC (and Standard & Poor’s Investment Advisory Services LLC and Mellon Capital Management Corporation)
Seeks capital appreciation by investing in the common stock of foreign companies that are identified by a model strategy comprised of five underlying strategies. The Fund allocates all of its net assets in the following strategies:
Ø
S&P Asia Pac Ex Japan Strategy
Ø
S&P Canada Strategy
Ø
S&P Europe Strategy
Ø
S&P Japan Strategy
Ø
S&P Middle East Strategy
JNL/S&P Intrinsic Value Fund
Jackson National Asset Management, LLC (and Standard & Poor's Investment Advisory Services LLC and Mellon Capital Management Corporation)
Seeks capital appreciation by investing in the stock of 30 to 90 distinct companies (generally ranging from 45 to 60 distinct companies) included in the S&P 500 ® Index that generate strong free cash flows and sell at relatively attractive valuations.

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JNL/S&P Total Yield Fund
Jackson National Asset Management, LLC (and Standard & Poor's Investment Advisory Services LLC and Mellon Capital Management Corporation)
Seeks capital appreciation by investing in the stock of 30 to 90 distinct companies (generally ranging from 40 to 65 distinct companies) included in the S&P 500 ® Index that generate positive cash flow and have a strong track record, as determined by Standard & Poor’s Investment Advisory Services LLC of returning cash to investors, such as through dividends, share repurchases or debt retirement.
JNL/S&P 4 Fund
Jackson National Asset Management, LLC
Seeks capital appreciation by making initial allocations (25%) of its assets and cash flows to the following four Underlying Funds (Class A) on a specific date each year:
Ø
25% in JNL/S&P Competitive Advantage Fund;
Ø
25% in JNL/S&P Dividend Income & Growth Fund;
Ø
25% in JNL/S&P Intrinsic Value Fund; and
Ø
25% in JNL/S&P Total Yield Fund.
JNL/S&P Mid 3 Fund
Jackson National Asset Management, LLC (and Standard & Poor's Investment Advisory Services LLC and Mellon Capital Management Corporation)
Seeks capital appreciation by investing in common stocks of companies that are identified by a model based on three separate investment strategies. Under normal circumstances, the Fund invests approximately 1/3 of its net assets in the following strategies:
Ø
MID Competitive Advantage Strategy;
Ø
MID Intrinsic Value Strategy; and
Ø
MID Total Equity Yield Strategy.
Jackson Variable Series Trust
JNAM Guidance – Interest Rate Opportunities Fund
Jackson National Asset Management, LLC
Seeks total return primarily through strategies that invest in fixed-income oriented securities, as well as other asset classes and strategies through investment in other funds (the “Underlying Funds”). The Fund allocates the majority of its assets to Underlying Funds that invest primarily in fixed-income oriented securities of issuers in the U.S. and foreign countries, including emerging markets.
JNAM Guidance – Conservative Fund
Jackson National Asset Management, LLC
Seeks the generation of income through investment in other funds (the “Underlying Funds”). The Fund allocates its assets to Underlying Funds that invest primarily in fixed-income and other income-oriented securities (including high-yield ("junk") bonds) of issuers in the U.S. and foreign countries, including emerging markets.
JNAM Guidance – Moderate Fund
Jackson National Asset Management, LLC
Seeks a balance between the generation of income and the long-term growth of capital through investment in other funds (the “Underlying Funds”). The Fund allocates its assets to Underlying Funds that invest primarily in fixed-income and other income-oriented securities (including high-yield ("junk") bonds) as well as dividend-paying equity securities of issuers in the U.S. and foreign countries, including emerging markets.
JNAM Guidance - Growth Fund
Jackson National Asset Management, LLC
Seeks long-term growth of capital through an allocation in stocks and other asset classes and strategies through investment in other funds (the “Underlying Funds”). The Fund allocates its assets to Underlying Funds that invest primarily in equity securities of issuers in the U.S. and foreign countries, including emerging markets.

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JNAM Guidance – Moderate Growth Fund
Jackson National Asset Management, LLC
Seeks long-term growth of capital by investing in other funds (the “Underlying Funds”) that offer a broad array of stock, bond, and other asset classes and strategies. The Fund allocates its assets to Underlying Funds that invest primarily in equity securities of issuers in the U.S. and foreign countries, including emerging markets.
JNAM Guidance – Maximum Growth Fund
Jackson National Asset Management, LLC
Seeks long-term growth of capital through an allocation in stocks and other asset classes and strategies through investment in other funds (the “Underlying Funds”). The Fund allocates its assets to Underlying Funds that invest primarily in equity securities of issuers in the U.S. and foreign countries, including emerging markets.
JNAM Guidance – Alt 100 Fund
Jackson National Asset Management, LLC
Seeks long-term growth of capital through investment in other funds (the “Underlying Funds”). Under normal market conditions, the Fund may allocate 100% of its assets to the Underlying Funds that invest in non-traditional asset classes.
Under normal circumstances, the Fund allocates at least 80% of its assets to the Underlying Funds that invest in non-traditional asset classes.
JNAM Guidance – Equity 100 Fund
Jackson National Asset Management, LLC
Seeks long-term growth of capital through investment in other funds (the “Underlying Funds”) with an equity orientation.
The Fund will invest in Underlying Funds such that 80% of its assets (net assets plus the amount of any borrowings for investment purposes) are invested in equities (which may include derivatives exposure to equity securities) of issuers in the U.S. and foreign countries, including emerging markets. The Fund allocates its assets to Underlying Funds that invest amongst various equity classes, as well as non-traditional investments.
JNAM Guidance – Fixed Income 100 Fund
Jackson National Asset Management, LLC
Seeks income and total return through investment in other funds (the “Underlying Funds”) with a fixed-income orientation.
The Fund will invest in Underlying Funds such that 80% of its assets (net assets plus the amount of any borrowings for investment purposes) are invested in fixed-income securities (which may include derivatives exposure to fixed-income securities) of issuers in the U.S. and foreign countries, including emerging markets. The Fund allocates its assets to Underlying Funds that invest amongst various fixed-income classes, as well as non-traditional investments.
JNAM Guidance – Real Assets Fund
Jackson National Asset Management, LLC
Seeks long-term real return through an allocation in stocks and other asset classes and strategies through investment in other funds (the “Underlying Funds”). The Fund seeks to achieve its objective by investing in shares of the Underlying Funds that focus on investments in commodity, inflation sensitive, natural resource and real estate sectors. The Fund allocates the majority of its assets to Underlying Funds that invest primarily in equity securities, inflation protected securities of issuers in the U.S. and foreign countries, including emerging and currencies.
JNL Tactical ETF Conservative Fund
Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)
Seeks long-term growth of capital through investment in exchange-traded funds (“Underlying ETFs”). Under normal market conditions, the Fund seeks to achieve its investment objective primarily through investing at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a diversified group of underlying exchange-traded funds. Under normal market conditions, the Adviser allocates approximately 20% to 60% (with a target allocation of 40%) of the Fund’s assets to Underlying ETFs that invest primarily in equity securities, 40% to 80% (with a target allocation of 60%) of the Fund’s assets to Underlying ETFs that invest primarily in fixed-income securities and/or cash alternatives, and up to 15% (with a target allocation of 0%) of the Fund’s assets to Underlying ETFs that invest primarily in alternative assets and strategies. The Adviser may also allocate the Fund’s assets to securities and derivative contracts to meet the Fund’s allocation targets.

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JNL Tactical ETF Moderate Fund
Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)
Seeks long-term growth of capital through investment in a diversified group of exchange-traded funds (“Underlying ETFs”). Under normal market conditions, the Fund seeks to achieve its investment objective primarily through investing at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a diversified group of underlying exchange-traded funds. Under normal market conditions, the Adviser allocates approximately 40% to 80% (with a target allocation of 60%) of the Fund’s assets to Underlying ETFs that invest primarily in equity securities, 20% to 60% (with a target allocation of 40%) of the Fund’s assets to Underlying ETFs that invest primarily in fixed-income securities and/or cash alternatives, and up to 15% (with a target allocation of 0%) of the Fund’s assets to Underlying ETFs that invest primarily in alternative assets and strategies. The Adviser may also allocate the Fund’s assets to securities and derivative contracts to meet the Fund’s allocation targets.
JNL Tactical ETF Growth Fund
Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)
Seeks long-term growth of capital through investment in a diversified group of exchange-traded funds (“Underlying ETFs”). Under normal market conditions, the Fund seeks to achieve its investment objective primarily through investing at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in underlying exchange-traded funds. Under normal market conditions, the Adviser allocates approximately 60% to 100% (with a target allocation of 80%) of the Fund’s assets to Underlying ETFs that invest primarily in equity securities, 0% to 40% (with a target allocation of 20%) of the Fund’s assets to Underlying ETFs that invest primarily in fixed-income securities and/or cash alternatives, and up to 15% (with a target allocation of 0%) of the Fund’s assets to Underlying ETFs that invest primarily in alternative assets and strategies. The Adviser may also allocate the Fund’s assets to securities and derivative contracts to meet the Fund’s allocation targets.
JNL/American Funds® Global Growth Fund (“Feeder Fund”)
Jackson National Asset Management, LLC, investment adviser to the Feeder Fund (and Capital Research and Management Company, investment adviser to the Master Fund)
Seeks long-term growth of capital through exclusive investment in Class 1 shares of the American Funds Insurance Series® - Global Growth FundSM (the “Master Fund”). The Master Fund invests primarily in common stocks of companies around the world that have the potential for growth. As a fund that seeks to invest globally, the Master Fund will allocate its assets among securities of companies domiciled in various countries, including the United States and foreign countries, including emerging market countries. Under normal market conditions, the Master Fund seeks to invest at least 30% of its net assets in issuers domiciled outside of the United States.
JNL/American Funds® Growth Fund (“Feeder Fund”)
Jackson National Asset Management, LLC, investment adviser to the Feeder Fund (and Capital Research and Management Company, investment adviser to the Master Fund)
Seeks growth of capital through exclusive investment in Class 1 shares of the American Funds Insurance Series® - Growth FundSM (the “Master Fund”). The Master Fund invests primarily in common stocks and seeks to invest in companies that the Master Fund's investment adviser believes offers superior opportunities for growth of capital. The Master Fund may invest up to 25% of its assets in common stocks and other securities (including convertible and nonconvertible preferred stocks, bonds, and other debt securities) of issuers domiciled outside the U.S.
JNL/AQR Risk Parity Fund
Jackson National Asset Management, LLC (and AQR Capital Management, LLC)
Seeks total return (consisting of capital appreciation and income) by allocating assets among major asset classes (including global developed and emerging market equities, global nominal and inflation-linked government bonds, developed and emerging market currencies, and commodities).
JNL/BlackRock Global Long Short Credit Fund
Jackson National Asset Management, LLC (and BlackRock Financial Management, Inc., BlackRock International Limited and BlackRock (Singapore) Limited)
Seeks absolute total returns over a complete market cycle through diversified long and short exposure to the global fixed-income markets. A complete market cycle for fixed-income funds such as the Fund is typically three to five years.
Under normal market conditions, the Fund invests at least 80% of its total assets in credit-related instruments, including, but not limited to, U.S. Government and agency securities, foreign government and supranational debt securities, corporate bonds,

22


including bonds of companies principally engaged in the aircraft or air transportation industries, mortgage-related securities and asset-backed securities, collateralized debt and loan obligations, including bonds collateralized by aircraft and/or aircraft equipment, emerging market debt securities, preferred securities, structured products, mezzanine securities, senior secured floating rate and fixed rate loans or debt, second lien or other subordinated or unsecured floating rate and fixed rate loans or debt, convertible debt securities, and derivatives with similar economic characteristics.
JNL/DFA U.S. Micro Cap Fund
Jackson National Asset Management, LLC (and Dimensional Fund Advisors LP)
Seeks long-term capital appreciation. As a non-fundamental policy, under normal circumstances, the Fund will invest at least 80% of its net assets in securities of U.S. micro-cap companies.
JNL/DoubleLine® Total Return Fund
Jackson National Asset Management, LLC (and DoubleLine Capital LP)
Seeks to maximize total return by investing, under normal circumstances, at least 80% of its assets (net assets plus the amount of borrowings for investment purposes) in bonds.
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund
Jackson National Asset Management, LLC (and Eaton Vance Management)
Seeks total return by investing in securities, derivatives and other instruments to establish long and short investment exposures around the world. Total return is defined as income plus capital appreciation. The Fund normally invests in multiple countries and may have significant exposure to foreign currencies.
JNL/Epoch Global Shareholder Yield Fund
Jackson National Asset Management, LLC (and Epoch Investment Partners, Inc.)
Seeks to provide a high level of income. Capital appreciation is a secondary objective. The Fund generally invests in a diversified portfolio consisting of equity securities of companies located throughout the world, including the U.S., that have a history of attractive dividend yields and positive growth in operating cash flow. Under normal market conditions, the Fund invests at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities of dividend-paying companies across all market capitalizations.
JNL/FAMCO Flex Core Covered Call Fund
Jackson National Asset Management, LLC (and Ziegler Capital Management, LLC)
Seeks long-term capital appreciation while reducing the downside risk of equity investments by investing in a portfolio of equity securities and writing (selling) call options on at least 80% of the Fund’s total assets. Over a market cycle, the Fund seeks to achieve its objective by investing in a portfolio consisting primarily of large capitalization common stocks of U.S. corporations and U.S. dollar-denominated equity securities of foreign issuers (including American Depositary Receipts (“ADRs”)), in each case traded on U.S. securities exchanges, and on an ongoing basis, writing (selling) covered call options.
JNL/Lazard International Strategic Equity Fund
Jackson National Asset Management, LLC (and Lazard Asset Management LLC)
Seeks long-term capital appreciation. Under normal market conditions, the Fund invests at least 80% of its assets (plus any borrowings made for investment purposes) in equity securities, principally common stocks, of non-U.S. companies whose principal activities are located in countries represented by the Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index that Lazard Asset Management LLC, the Fund’s sub-adviser, believes are undervalued based on their earnings, cash flow or asset values.
JNL/Neuberger Berman Currency Fund
Jackson National Asset Management, LLC (and Neuberger Berman Investment Advisers LLC)
Seeks absolute return by investing, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in currency-related investments.

23


JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund
Jackson National Asset Management, LLC (and Neuberger Berman Investment Advisers LLC)
Seeks total return by investing under normal circumstances in commodity-linked derivative instruments and fixed-income instruments. Commodities are assets that have tangible properties, such as oil, natural gas, agricultural products or metals. The Fund seeks to gain exposure to the commodity markets by investing, directly or indirectly, in futures contracts on individual commodities and other commodity-linked derivative instruments.
JNL/Nicholas Convertible Arbitrage Fund
Jackson National Asset Management, LLC (and Nicholas Investment Partners, L.P.)
Seeks absolute return by taking long positions in convertible bonds and short positions in common stock underlying those convertible bonds.
JNL/PIMCO Credit Income Fund
Jackson National Asset Management, LLC (and Pacific Investment Management Company LLC)
Seeks maximum total return, consistent with preservation of capital and prudent investment management by investing, under normal circumstances, at least 80% of its assets in a diversified portfolio of investment grade corporate fixed-income securities of varying maturities, which may be represented by forwards, repurchase agreements, reverse repurchase agreements or loan participations and assignments or derivatives such as options, futures contracts or swap agreements.
JNL/PPM America Long Short Credit Fund
Jackson National Asset Management, LLC (and PPM America, Inc.)
Seeks to maximize total return through a combination of current income and capital appreciation, consistent with capital preservation by investing its assets across a wide range of fixed-income securities, and other investments to generate total return under a variety of market conditions and economic cycles.
JNL/T. Rowe Price Capital Appreciation Fund
Jackson National Asset Management, LLC (and T. Rowe Price Associates, Inc.)
Seeks long-term capital appreciation by investing primarily in common stocks. The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 50% of its total assets in common stocks. The remaining assets are generally invested in convertible securities, corporate and government debt, bank loans (which represent an interest in amounts owed by a borrower to a syndicate of lenders), and foreign securities, in keeping with the Fund’s objective. The Fund may invest up to 25% of its total assets in foreign securities.
JNL/The Boston Company Equity Income Fund
Jackson National Asset Management, LLC (and The Boston Company Asset Management LLC)
Seeks total return (consisting of capital appreciation and income). Under normal market conditions, the Fund invests at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities. The Fund seeks to focus on dividend-paying stocks and other investments and investment techniques that provide income, including covered call strategies.
JNL/The London Company Focused U.S. Equity Fund
Jackson National Asset Management, LLC (and The London Company of Virginia, LLC)
Seeks long-term capital appreciation by investing, under normal circumstances, at least 80% of its net assets in common stocks of companies located in the United States. The Fund may invest in companies of any market capitalization and will typically hold a limited number of names in the portfolio.
JNL/Van Eck International Gold Fund
Jackson National Asset Management, LLC (and Van Eck Associates Corporation)
Seeks long-term capital appreciation. The Fund may take current income into consideration when choosing investments. Under normal conditions, the Fund invests at least 80% of its net assets in securities of companies principally engaged in gold-related activities, instruments that derive their value from gold, gold coins and bullion.

24


JNL/WCM Focused International Equity Fund
Jackson National Asset Management, LLC (and WCM Investment Management)
Seeks long-term capital appreciation by investing primarily in companies outside the United States. The Fund, under normal circumstances, invests at least 80% of its net assets in equity securities.
JNL Variable Fund LLC
JNL/Mellon Capital S&P® 24 Fund
Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)
Seeks total return through capital appreciation by investing approximately equal amounts in the stocks of 24 companies that have the potential for capital appreciation, on a specific date each year.
JNL/Mellon Capital Nasdaq® 100 Fund
Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)
Seeks total return by investing in the stocks of companies in the Nasdaq-100 Index® that are expected to have a potential for capital appreciation. The Fund selects a portfolio of stocks of companies selected from stocks included in the Index. The Index includes 100 of the largest non-financial domestic and international securities listed on the Nasdaq Stock Market. The Index reflects companies across high-growth industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology.
JNL/Mellon Capital S&P® SMid 60 Fund
Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)
Seeks capital appreciation by investing in the stocks of 30 companies included in the Standard & Poor's MidCap 400 Index and 30 companies in the Standard & Poor's SmallCap 600 Index. The Fund seeks to achieve its objective by identifying small and mid-capitalization companies with improving fundamental performance and sentiment. The sub-adviser follows a process that attempts to select small and mid-cap companies that are likely to be in an earlier stage of their economic life cycle than mature large-cap companies.
JNL/Mellon Capital Communications Sector Fund
Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)
Seeks total return through capital appreciation and dividend income by investing, under normal circumstances, at least 80% of its assets in the stocks in the MSCI USA IMI Telecommunication Services 25/50 Index in proportion to their market capitalization weighting in the MSCI USA IMI Telecommunication Services 25/50 Index.
JNL/Mellon Capital Consumer Brands Sector Fund
Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)
Seeks total return through capital appreciation and dividend income by investing, under normal circumstances, at least 80% of its assets in the stocks in the MSCI USA IMI Consumer Discretionary Index in proportion to their market capitalization weighting in the MSCI USA IMI Consumer Discretionary Index.
JNL/Mellon Capital Financial Sector Fund
Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)
Seeks total return through capital appreciation and dividend income by investing, under normal circumstances, at least 80% of its assets in the stocks in the MSCI USA IMI Financials Index in proportion to their market capitalization weighting in the MSCI USA IMI Financials Index.
JNL/Mellon Capital Healthcare Sector Fund
Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)
Seeks total return through capital appreciation and dividend income by investing, under normal circumstances, at least 80% of its assets in the stocks in the MSCI USA IMI Health Care Index in proportion to their market capitalization weighting in the MSCI USA IMI Health Care Index.

25


JNL/Mellon Capital Oil & Gas Sector Fund
Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)
Seeks total return through capital appreciation and dividend income by investing, under normal circumstances, at least 80% of its assets in the stocks in the MSCI USA IMI Energy Index in proportion to their market capitalization weighting in the MSCI USA IMI Energy Index.
JNL/Mellon Capital Technology Sector Fund
Jackson National Asset Management, LLC (and Mellon Capital Management Corporation)
Seeks total return through capital appreciation and dividend income by investing, under normal circumstances, at least 80% of its assets in the stocks in the MSCI USA IMI Information Technology Index in proportion to their market capitalization weighting in the MSCI USA IMI Information Technology Index.

The investment objectives and policies of certain Funds are similar to the investment objectives and policies of other mutual funds that the Fund's investment sub-advisers also manage. Although the objectives and policies may be similar, the investment results of the Funds may be higher or lower than the results of those other mutual funds. We cannot guarantee, and make no representation, that the investment results of similar funds will be comparable even though the funds have the same investment sub-advisers. The Funds described are available only through variable annuity contracts issued by Jackson. They are NOT offered or made available to the general public directly.

A Fund's performance may be affected by risks specific to certain types of investments, such as foreign securities, derivative investments, non-investment grade debt securities, initial public offerings (IPOs) or companies with relatively small market capitalizations. IPOs and other investment techniques may have a magnified performance impact on a Fund with a small asset base. A Fund may not experience similar performance as its assets grow.

You should read the summary prospectuses for the Funds and/or the prospectuses for the JNL Series Trust, the JNL Variable Fund LLC, and the Jackson Variable Series Trust carefully before investing. The summary prospectuses for the Funds are attached to this prospectus. The summary prospectuses for the Funds and prospectuses for the JNL Series Trust, the JNL Variable Fund LLC, and the Jackson Variable Series Trust may also be obtained at no charge by calling 1-800-644-4565 (Annuity and Life Service Center) or 1-800-777-7779 (for contracts purchased through a bank or financial institution), by writing P.O. Box 30314, Lansing, Michigan 48909-7814, or by visiting www.jackson.com. Additional Funds and Investment Divisions may be available in the future.

Voting Privileges. To the extent required by law, we will obtain instructions from you and other Owners about how to vote our shares of a Fund when there is a vote of shareholders of a Fund. We will vote all the shares we own in proportion to those instructions from Owners. An effect of this proportional voting is that a relatively small number of Owners may determine the outcome of a vote.

Substitution. We reserve the right to substitute a different Fund or a different mutual fund for the one in which any Investment Division is currently invested. We will not do this without any required approval of the SEC. We will give you notice of any substitution.

CONTRACT CHARGES

There are charges associated with your Contract, the deduction of which will reduce the investment return of your Contract. Charges are deducted proportionally from your Contract Value. These charges may be a lesser amount where required by state law, but will not be increased except as described below. We expect to profit from certain charges assessed under the Contract. These charges (and certain other expenses) are as follows:

Monthly Contract Charge. During the accumulation phase we deduct a $10 Monthly Contract Charge ($120 per year). The Monthly Contract Charge will increase by $2.50 ($30 per year) on every fifth Contract Anniversary following the Issue Date. We reserve the right to waive any increase to this charge, in a non-discriminatory manner.

This charge is deducted on each Contract Monthly Anniversary. We will also deduct the Monthly Contract Charge if you make a total withdrawal on a date other than a Contract Monthly Anniversary. The charge will be taken from the Investment Divisions based on the proportion their respective value bears to the Contract Value.

The charge compensates us for expenses associated with administration of Contracts, acquisition of business including marketing expenses, risks we assume in connection with the Contracts and costs associated with providing Contract benefits.

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Transfer Charge. We deduct $25 for each transfer in excess of 15 in a Contract Year. Th e charge is deducted from the amount that is transferred prior to the allocation to a different Investment Division. The charge compensates us for the administrative cost associated with the transfers. We waive the transfer charge in connection with Dollar Cost Averaging, Earnings Sweep, Rebalancing transfers and any transfers we require, and we will charge a lesser fee where required by state law. Transfers made in connection with Investment Divisions under the Guidance Model Portfolios are treated the same as other transfers with respect to the charges and waivers described above. For information on the Dollar Cost Averaging, Earnings Sweep and Rebalancing programs please see the applicable section under “OTHER INFORMATION” beginning on page 42.

Withdrawal Charge. At any time during the accumulation phase (if and to the extent that Contract Value is sufficient to pay any remaining withdrawal charges that remain after a withdrawal), you may withdraw the following with no withdrawal charge:

•
Premiums that are no longer subject to a withdrawal charge (Premiums in your annuity for at least three years without being withdrawn), plus

•
earnings (excess of your Contract Value over your Remaining Premiums )

•
during each Contract Year 10% of Premium (subject to certain exclusions) that would otherwise incur a withdrawal charge, and that has not been previously withdrawn (this can be withdrawn at once or in segments throughout the Contract Year), minus earnings (required minimum distributions will be counted as part of the free withdrawal amount).

We will deduct a withdrawal charge on:

•
withdrawals in excess of the free withdrawal amount (the withdrawal charge is imposed only on the excess amount above the free withdrawal amount), or

•
withdrawals under a Contract that exceed its required minimum distribution under the Internal Revenue Code (the entire withdrawal will be subject to the withdrawal charge), or

•
amounts withdrawn in a total withdrawal.

The amount of the withdrawal charge deducted varies according to the following schedule and is based on Completed Years following each Premium (state variations may apply):

Withdrawal Charge (as a percentage of Premium payments):
Completed Years since Receipt of Premium
0-1
1-2
2-3
3+
 
2.0%
2.0%
1.0%
0%

Upon a partial or full withdrawal, the withdrawal charge percentage will be the lesser of the withdrawal charge percentage indicated above, or the maximum withdrawal charge percentage listed below. In either case, the withdrawal charge percentage will remain constant or decrease with each year until no longer applicable.
Beginning on the Contract Anniversary
on or After the Owner Attains the Age of:

Maximum Withdrawal Charge Percentage
92
1.75%
93
0.75%
94+
0.00%

For purposes of the withdrawal charge, we treat withdrawals as coming first from earnings and then from the oldest Remaining Premium. If you make a full withdrawal, the withdrawal charge is based on Premiums remaining in the Contract and no free withdrawal amount applies. If you withdraw only part of the value of your Contract, we deduct the withdrawal charge from the remaining value in your Contract. The withdrawal charge compensates us for expenses associated with the acquisition of business including administrative and marketing expenses and other distribution expenses incurred by us or our affiliated distributor.

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Note: Withdrawals under a non-qualified Contract will be taxable on an “income first” basis. This means that any withdrawal from a non-qualified Contract that does not exceed the accumulated income under the Contract will be taxable in full. Any withdrawals under a tax-qualified Contract will be taxable except to the extent that they are allocable to an investment in the Contract (any after-tax contributions). In most cases, there will be little or no investment in the Contract for a tax-qualified Contract because contributions will have been made on a pre-tax or tax-deductible basis.

We do not assess the withdrawal charge on any amounts paid out as:

•
income payments during your Contract's income phase;

•
death benefits; or

•
withdrawals necessary to satisfy the required minimum distribution of the Internal Revenue Code (but if the withdrawal requested exceeds the required minimum distribution, then the entire withdrawal will be subject to the withdrawal charge).

We may reduce or waive the withdrawal charge when the Contract is purchased by employees, agents and financial representatives of the Company or its affiliates. These transactions will be conducted in a non-discriminatory manner and under circumstances that reduce our business acquisition expenses.

Commutation Fee. If you make a total withdrawal from your Contract after income payments have commenced under income option 4, or if after your death during the period for which payments are guaranteed to be made under income option 3 your Beneficiary elects to receive a lump sum payment (see "Income Options" beginning on page 36 ) , the amount received will be reduced by (a) minus (b) where:

•
(a) = the present value of the remaining income payments (as of the date of calculation) for the period for which payments are guaranteed to be made, discounted at the rate assumed in calculating the initial payment; and

•
(b) = the present value of the remaining income payments (as of the date of calculation) for the period for which payments are guaranteed to be made, discounted at a rate no more than 1.00% higher than the rate used in (a).

The Commutation Fee compensates us for administrative costs and expenses associated with commuting the annuity payments and determining the amount to be paid.

Other Expenses. We pay the operating expenses of the Separate Account. There are deductions from and expenses paid out of the assets of the Funds. These expenses are described in the attached summary prospectus for the Funds. For more information, please see the “Total Annual Fund Operating Expenses” table beginning on page 4.

Premium Taxes. Some states and other governmental entities charge Premium taxes or other similar taxes. We pay these taxes and may make a deduction from your Contract Values for them. Premium taxes generally range from 0% to 3.5% (the amount of state Premium tax, if any, will vary from state to state).

Income Taxes. We reserve the right, when calculating unit values, to deduct a credit or charge with respect to any taxes we have paid or reserved for during the valuation period that we determine to be attributable to the operation of the Separate Account, or to a particular Investment Division. No federal income taxes are applicable under present law and we are not presently making any such deduction.

DISTRIBUTION OF CONTRACTS
Jackson National Life Distributors LLC (“Distributor”), located at 7601 Technology Way, Denver, Colorado 80237, serves as the distributor of the Contracts. Distributor also serves as distributor of other variable insurance products issued by Jackson and its subsidiary, Jackson National Life Insurance Company of New York (“Jackson of NY”).

Distributor is a wholly owned subsidiary of Jackson. Distributor is registered as a broker-dealer with the Securities and Exchange Commission under the Securities Exchange Act of 1934 and is a member of the Financial Industry Regulatory Authority (“FINRA”). Distributor is not a member of the Securities Investor Protection Corporation (“SIPC”). For more information on broker-dealers and

28


their registered representatives, you may use the FINRA BrokerCheck program via telephone (1-800-289-9999) or the Internet (http://brokercheck.finra.org).

The Contracts are offered to customers of various financial institutions, brokerage firms and their affiliate insurance agencies (each a "Financial Institution," collectively "Financial Institutions"). Financial Institutions may also be registered as, affiliated with, or in a contractual relationship with an investment adviser and offer advisory services through their registered representatives/investment adviser representatives to Contract Owners. No Financial Institution has any legal responsibility to pay amounts that are owed under the Contracts. The obligations and guarantees under the Contracts are the sole responsibility of Jackson. The Financial Institutions are responsible for delivery of various related disclosure documents and the accuracy of their oral description and suitable recommendation of the purchase of the Contracts.

No commissions are paid to the Financial Institutions on sales of Elite Access Advisory Contracts. However, the Financial Institutions or their representatives may charge you an investment advisory or similar fee under an agreement you have with them independent of Jackson or Distributor. The Financial Institutions or their representatives determine the amount of the fee that will be charged and the amounts charged may vary based upon the practices of each Financial Institution. There may be tax and Contract implications, including adverse effects on Contract benefits, if you elect to have such fees withdrawn directly from the Contract. Financial Institutions providing such advisory services are acting solely on your behalf. Neither Jackson nor Distributor offer advice on how to allocate your Contract Value and we are not responsible for any advice your investment adviser provides to you. Neither Jackson nor Distributor endorses any investment advisers nor make any representations as to their qualifications.

Under certain circumstances, the Distributor and/or Jackson may pay Financial Institutions bonuses, overrides, and marketing allowances in connection with the sale of Jackson and Jackson of NY variable insurance products . These payments and/or reimbursements are in recognition of marketing, distribution, and/or administrative support provided by the Financial Institution and may not be offered to all Financial Institutions. The terms of these arrangements vary widely depending on, among other things, products offered; the level and type of marketing, distribution, and administrative support services provided; assets under management; the volume of sales; and the level of access we are provided to the registered representatives of the Financial Institution. Such payments may influence Financial Institutions and/or their registered representatives to present the Contracts more favorably than other investment alternatives. Such compensation is subject to applicable state insurance law and regulation , FINRA rules of conduct and Department of Labor (“DOL”) rules and regulations . While such compensation may be significant, it will not result in any additional direct charge by us to you.

The two primary forms of such compensation paid by the Distributor and/or Jackson are overrides and marketing support payments. Overrides are payments that are designed as consideration for product placement, assets under management, and sales volume. Overrides are generally based on a fixed percentage of annual product sales and generally range from 10 to 50 basis points (0.10% to 0.50%). Payments may also be based on a percentage of assets under management or paid as a specified dollar amount. Marketing support payments may be in the form of cash and/or non-cash compensation and are intended to provide us with exposure to registered representatives so that we may educate them about product features and benefits. Marketing support payments generally allow us to, among other things, participate in sales conferences (for example, national, regional, and top producer meetings hosted by a Financial Institution). Examples of such payments include, but are not limited to, reimbursements for representative training or “due diligence” meetings including travel and lodging expenses; client events; speaker fees; business development and educational enhancement items (such as software packages containing information for broker use, or prospecting lists); and other support services, including payments to third party vendors for such services. Payments or reimbursements for meetings and seminars are generally based on the anticipated level of participation and/or accessibility and the size of the audience. Subject to applicable laws and regulations including
FINRA rules of conduct and DOL rules and regulations , we may also provide cash and/or non-cash compensation to registered representatives in the form of gifts, promotional items, occasional meals, and entertainment. Registered representatives may qualify for different levels of sales and service support depending on the volume of business that they do with us.

We may use any of our corporate assets to cover the cost of distribution, including any profit from the Contract's charges.

The alphabetical listing below details the 20 Financial Institutions that received the largest amounts of overrides and/or marketing support payments in 2015 from the Distributor and/or Jackson in relation to the sale of Jackson and Jackson of NY variable insurance products. The total payments received by a Financial Institution is based on sales of all Jackson and Jackson of NY variable insurance products, thus a Financial Institution may appear on the list even if it is not receiving any payments with respect to sales of Elite Access Advisory Contracts. Payments to these firms ranged from approximately $750 thousand to approximately $24 million.

Cetera Advisor Networks, LLC
Commonwealth Financial Network
ING/Voya Financial Advisors, LLC

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INVEST Financial Corporation*
Investment Centers of America, Inc.*
Lincoln Financial Advisors Corporation
LPL Financial Services
Merrill Lynch
MetLife Securities, Inc.
MML Investors Services, LLC
Morgan Stanley Smith Barney LLC
National Planning Corporation*
Raymond James & Associates, Inc.
Securities America, Inc.
Signator Investors, Inc.
SII Investments, Inc.*
Transamerica Financial Advisors, Inc.
UBS Financial Services, Inc.
Wells Fargo Advisors, LLC
Woodbury Financial Services, Inc.
 
*Jackson affiliate.

Please see Appendix B for a complete list of Financial Institutions that received amounts of overrides and/or marketing support payments in 2015 from the Distributor and/or Jackson in relation to the sale of our variable insurance products. While we endeavor to update this list on an annual basis, please note that interim changes or new arrangements may not be listed and may involve substantial payments on a forward going basis.

Compensation is also paid to employees of the Distributor and/or Jackson who are responsible for providing services to Financial Institutions. These employees are generally referred to as "wholesalers" and may meet with Financial Institutions and/or their registered representatives to provide training and sales support. The compensation paid to the wholesalers may vary based on a number of factors, including Premium payments; types of Contracts or optional benefits (if any) sold by the Financial Institutions that the wholesaler services; wholesaler performance; and overall company performance. The wholesaler may be required to achieve internally-assigned goals related to the same type of factors and may receive bonus payments for the achievement of individual and/or company-wide goals.

In addition to the Distributor, the following Financial Institutions are affiliated with Jackson and under common control within the same holding company structure:

•
National Planning Corporation,
•
SII Investments, Inc.,
•
IFC Holdings, Inc. d/b/a Invest Financial Corporation, and
•
Investment Centers of America, Inc.

The Distributor also has relationships with the sub-advisers to the various underlying Funds and their affiliates. The Distributor receives payments from some sub-advisers to assist in defraying the costs of certain promotional and marketing meetings hosted by the Distributor in which the sub-advisers participate. The amounts paid depend on the nature of the meetings, the number of meetings attended, the costs expected to be incurred and the level of the sub-adviser's participation. Our affiliated Financial Institutions may have other relationships with the sub-advisers (apart from Jackson) including selling retail mutual funds managed or advised by certain sub-advisers.

All of the compensation described here, and other compensation or benefits provided by the Distributor and/or Jackson or our affiliates, may be greater or less than the total compensation on similar or other products. The amount and/or structure of the compensation can create a conflict of interest as it may influence your Financial Institution and registered representative to present this Contract over other investment alternatives. The variations in compensation, however, may also reflect differences in sales effort or ongoing customer services expected of the Financial Institution and registered representative. You may ask your registered representative about any variations and how he or she and his or her Financial Institution are compensated for selling the Contract.


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PURCHASES

Minimum Initial Premium:

•
$25,000 under most circumstances

Minimum Additional Premiums:

•
$500 for a qualified or non-qualified plan

•
$50 for an automatic payment plan

•
You can pay additional Premiums at any time during the accumulation phase.

These minimums apply to purchases, but do not preclude subsequent partial withdrawals that would reduce Contract Values below the minimum initial purchase amounts, as long as the amount left in the account is sufficient to pay the withdrawal charge. We reserve the right to limit the number of Contracts that you may purchase. We reserve the right , in our discretion, to limit, restrict, suspend or reject any or all initial or subsequent Premium payment s and to limit the amount, frequency or timing of Premium payments, at any time on a non-discriminatory basis. Any of these actions by us would limit your ability to invest in the Contract and increase your values and benefits. There is a $100 minimum balance requirement for each Investment Division.

Maximum Premiums:

•
The maximum aggregate Premiums you may make without our prior approval is $2.5 million.

The payment of subsequent Premiums, depending on market conditions at the time they are made, may or may not contribute to the various benefits under your Contract. Our right to restrict Premiums to a lesser maximum amount may also affect the benefits under your Contract.

Allocations of Premium. You may allocate your Premiums to one or more of the Investment Divisions. The minimum amount you may allocate to the Investment Division is $100. We will allocate any additional Premiums you pay in the same way unless you instruct us otherwise.

You may not allocate your Contract Values among more than 99 Investment Divisions at any one time.

We will issue your Contract and allocate your first Premium within two Business Days (days when the New York Stock Exchange is open) after we receive your first Premium and all information that we require for the purchase of a Contract. If we do not receive all of the information that we require, we will contact you to get the necessary information. If for some reason we are unable to complete this process within five Business Days, we will return your money. Subsequent Premiums are allocated on the Business Day that the Premium is received. Each Business Day ends when the New York Stock Exchange closes (usually 4:00 p.m. Eastern time).

Accumulation Units. Your Contract Value will go up or down depending on the performance of the Investment Divisions you select. In order to keep track of the value of your Contract during the accumulation phase, we use a unit of measure called an “Accumulation Unit.” During the income phase we use a measure called an “Annuity Unit.”

Every Business Day, we determine the value of an Accumulation Unit for each of the Investment Divisions by:

•
determining the total amount of assets held in the particular Investment Division;

•
subtracting any taxes chargeable under the Contract; and

•
dividing this amount by the number of outstanding Accumulation Units.

Charges deducted through the cancellation of units are not reflected in this computation.


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The value of an Accumulation Unit may go up or down from day to day based on the performance of the Funds, expenses and deduction of Contract charges.

When you make a Premium payment, we credit your Contract with Accumulation Units. The number of Accumulation Units we credit is determined at the close of that Business Day by dividing the amount of the Premium allocated to any Investment Division by the value of the Accumulation Unit for that Investment Division that reflects the respective charges under your Contract. If your Premium payment is received after the close of the New York Stock Exchange, the number of Accumulation Units credited will be determined at the end of the next Business Day.

In connection with arrangements we have to transact business electronically, we may have agreements in place whereby the time when certain broker-dealers receive your initial Purchase Payment and all required information in Good Order will be used for initial pricing of your Contract Values.  However, if we do not have an agreement with a broker-dealer providing for these pricing procedures, initial Purchase Payments received by the broker-dealer will not be priced until they are received by us. As of the date of this prospectus, we have such an agreement with Morgan Stanley Smith Barney LLC and SBHU Life Agency.  Please check with your representative to determine if his/her broker-dealer has an agreement with the Company that provides for these pricing procedures.

TRANSFERS AND FREQUENT TRANSFER RESTRICTIONS

You may transfer your Contract Value between and among the Investment Divisions at any time, unless transfers are subject to other limitations.

You can make 15 transfers every Contract Year without charge.

A transfer will be effective as of the end of the Business Day when we receive your transfer request in Good Order, and we will disclaim all liability for transfers made based on your transfer instructions, or the instructions of a third party authorized to submit transfer requests on your behalf.

Restrictions on Transfers: Market Timing. The Contract is not designed for frequent transfers by anyone. Frequent transfers between and among Investment Divisions may disrupt the underlying Funds and could negatively impact performance, by interfering with efficient management and reducing long-term returns, and increasing administrative costs. Frequent transfers may also dilute the value of shares of an underlying Fund. Neither the Contracts nor the underlying Funds are meant to promote any active trading strategy, like market timing. Allowing frequent transfers by one or some Owners could be at the expense of other Owners of the Contract. To protect Owners and the underlying Funds, we have policies and procedures to deter frequent transfers between and among the Investment Divisions.

Under these policies and procedures, there is a $25 charge per transfer after 15 in a Contract Year, and no round trip transfers are allowed within 15 calendar days. Also, we could restrict your ability to make transfers to or from one or more of the Investment Divisions, which possible restrictions may include, but are not limited to:

•
limiting the number of transfers over a period of time;

•
requiring a minimum time period between each transfer;

•
limiting transfer requests from an agent acting on behalf of one or more Owners or under a power of attorney on behalf of one or more Owners; or

•
limiting the dollar amount that you may transfer at any one time.

To the extent permitted by applicable law, we reserve the right to restrict the number of transfers per year that you can request and to restrict you from making transfers on consecutive Business Days. In addition, your right to make transfers between and among Investment Divisions may be modified if we determine that the exercise by one or more Owners is, or would be, to the disadvantage of other Owners.

We continuously monitor transfers under the Contract for disruptive activity based on frequency, pattern and size. We will more closely monitor Contracts with disruptive activity, placing them on a watch list, and if the disruptive activity continues, we will restrict the availability of electronic or telephonic means to make a transfer, instead requiring that transfer instructions be mailed through regular U.S. postal service, and/or terminate the ability to make transfers completely, as necessary. If we terminate your ability to make transfers, you may need to make a partial withdrawal to access the Contract Value in the Investment Division(s) from which you sought a transfer. We will notify you and your representative in writing within five days of placing the Contract on a watch list.


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Regarding round trip transfers, we will allow redemptions from an Investment Division; however, once a complete or partial redemption has been made from an Investment Division through an Investment Division transfer, you will not be permitted to transfer any value back into that Investment Division within 15 calendar days of the redemption. We will treat as short-term trading activity any transfer that is requested into an Investment Division that was previously redeemed within the previous 15 calendar days, whether the transfer was requested by you or a third party.

Our policies and procedures do not apply to the JNL/WMC Money Market Investment Division, Dollar Cost Averaging, Earnings Sweep or the Rebalancing program. We may also make exceptions that involve an administrative error, or a personal unanticipated financial emergency of an Owner resulting from an identified health, employment, or other financial or personal event that makes the existing allocation imprudent or a hardship. These limited exceptions will be granted by an oversight team pursuant to procedures designed to result in their consistent application. Please contact our Annuity Service Center if you believe your transfer request entails a financial emergency.

Otherwise, we do not exempt any person or class of persons from our policies and procedures. We have agreements allowing for asset allocation and investment advisory services that are not only subject to our policies and procedures, but also to additional conditions and limitations, intended to limit the potential adverse impact of these activities on other Owners of the Contract. We expect to apply our policies and procedures uniformly, but because detection and deterrence involves judgments that are inherently subjective, we cannot guarantee that we will detect and deter every Contract engaging in frequent transfers every time. If these policies and procedures are ineffective, the adverse consequences described above could occur. We also expect to apply our policies and procedures in a manner reasonably designed to prevent transfers that we consider to be to the disadvantage of other Owners, and we may take whatever action we deem appropriate, without prior notice, to comply with or take advantage of any state or federal regulatory requirement.

TELEPHONE AND INTERNET TRANSACTIONS

The Basics. You can request certain transactions by telephone or at www.jackson.com, our Internet website, subject to our right to terminate electronic or telephonic transfer privileges described above. For information about your account, please contact our Annuity Service Center. We require that you provide proper identification before performing transactions over the telephone or through our Internet website. For Internet transactions, this will include a Personal Identification Number (PIN). You may establish or change your PIN at www.jackson.com.

What You Can Do and How. You may make transfers by telephone or through the Internet if you elect to have this privilege. Any authorization you (and any joint Owner) provide to us in an application, at our website, or through other means will authorize us to accept transaction instructions, including Investment Division transfers/allocations, by you, a joint Owner, or your representative unless you notify us to the contrary. To notify us, please call us at the Annuity Service Center. Our contact information is on the cover page of this prospectus and the number is referenced in your Contract or on your quarterly statement.

You may elect to make partial withdrawals by telephone, provided that we have received your prior written authorization to take instructions over the telephone. The amount of the withdrawal requested cannot exceed 80% of the Contract Value, up to a gross maximum withdrawal of $50,000. Telephone withdrawal requests may only be made by the Owner(s). We reserve the right to discontinue this privilege or implement additional limitations.

What You Can Do and When. When authorizing a transfer, you must complete your telephone call by the close of the New York Stock Exchange (usually 4:00 p.m. Eastern time) in order to receive that day's value of an Accumulation Unit for an Investment Division.

Transfer instructions you send electronically are considered to be received by us at the time and date stated on the electronic acknowledgement we return to you. If the time and date indicated on the acknowledgement is before the close of the New York Stock Exchange, the instructions will be carried out that day. Otherwise the instructions will be carried out the next Business Day. We will retain permanent records of all web-based transactions by confirmation number. If you do not receive an electronic acknowledgement, you should telephone our Annuity Service Center immediately.

How to Cancel a Transaction. You may only cancel an earlier telephonic or electronic transfer request made on the same day by calling the Annuity Service Center before the New York Stock Exchange closes. Otherwise, your cancellation instruction will not be allowed because of the round trip transfer restriction.

Our Procedures. Our procedures are designed to provide reasonable assurance that telephone or any other electronic authorizations are genuine. Our procedures include requesting identifying information and tape-recording telephone communications and other specific details. We and our affiliates disclaim all liability for any claim, loss or expense resulting from any alleged error or

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mistake in connection with a transaction requested by telephone or other electronic means that you did not authorize. However, if we fail to employ reasonable procedures to ensure that all requested transactions are properly authorized, we may be held liable for such losses.

We do not guarantee access to telephonic and electronic information or that we will be able to accept transaction instructions via the telephone or electronic means at all times. We also reserve the right to modify, limit, restrict, or discontinue at any time and without notice the acceptance of instruction from someone other than you and/or this telephonic and electronic transaction privilege. Elections of any optional program must be in writing and will be effective upon receipt of the request in Good Order.

Upon notification of the Owner's death, any telephone transfer authorization, other than by the surviving joint Owners, designated by the Owner ceases and we will not allow such transactions unless the executor/representative provides written authorization for a person or persons to act on the executor's/representative's behalf.

ACCESS TO YOUR MONEY

You can have access to the money in your Contract:

•
by making either a partial or complete withdrawal,

•
by electing the Systematic Withdrawal Program,

•
by electing to receive income payments.

Your Beneficiary can have access to the money in your Contract when a death benefit is paid.

Withdrawals under the Contract may be subject to a withdrawal charge. For purposes of the withdrawal charge, we treat withdrawals as coming first from earnings and then from the oldest Remaining Premium. When you make a complete withdrawal you will receive the value of your Contract as of the end of the Business Day your request is received by us in Good Order, minus any applicable taxes, the Monthly Contract Charges, and all applicable withdrawal charges. For more information about withdrawal charges, please see “Withdrawal Charge” beginning on page 27. We will pay the withdrawal proceeds within seven days of a request in Good Order. If a Purchase Payment made by personal check or electronic draft is received within the five days preceding a withdrawal request, we may delay payment of the withdrawal proceeds up to seven days after the date of the request, to ensure the check or electronic draft is not returned due to insufficient funds.

Your withdrawal request must be in writing but, under certain circumstances, partial withdrawals by telephone are permitted. For more information, please see “Telephone and Internet Transactions” above. We will accept withdrawal requests submitted via facsimile. There are risks associated with not requiring original signatures in order to disburse the money. To minimize the risks, the proceeds will be sent to your last recorded address in our records, so be sure to notify us, in writing, with an original signature of any address change. We do not assume responsibility for improper disbursements if you have failed to provide us with the current address to which the proceeds should be sent.

Except in connection with the Systematic Withdrawal Program, you must withdraw at least $500 or, if less, the entire amount in the Investment Division from which you are making the withdrawal. If the Contract Value is less than $500, any withdrawal request will be treated as a total withdrawal. If you are not specific in your withdrawal request, your withdrawal will be taken from your allocations to the Investment Divisions based on the proportion their respective values bear to the Contract Value.

With the Systematic Withdrawal Program, you may withdraw a specified dollar amount (of at least $50 per withdrawal) or a specified percentage. After your withdrawal, at least $100 must remain in each Investment Division from which the withdrawal was taken. A withdrawal request that would reduce the remaining Contract Value to less than $100 will be treated as a request for a complete withdrawal.

The Contract is designed for Contract Owners who have hired an investment adviser to manage their Contract Value for a fee. You may authorize payment of the fee from the Contract by requesting a partial withdrawal. There may be tax and Contract implications, including adverse effects on Contract benefits, if you elect to have such fees withdrawn directly from the Contract. Conditions and limitations may apply, so please contact our Annuity Service Center for more information. Our contact information is on the cover page of this prospectus. The investment adviser you engage is acting solely on your behalf. We neither endorse any investment advisers, nor make any representations as to their qualifications. The fee for this service would be covered in a separate agreement between you and your adviser, and would be in addition to the fees and expenses described in this prospectus.


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Income taxes, tax penalties and certain restrictions may apply to any withdrawal you make. There are limitations on withdrawals from qualified plans. For more information, please see “TAXES” beginning on page 38.

Systematic Withdrawal Program. You can arrange to have money automatically sent to you periodically while your Contract is still in the accumulation phase. You may withdraw a specified dollar amount (of at least $50 per withdrawal), a specified percentage or earnings. Your withdrawals may be on a monthly, quarterly, semi-annual or annual basis. There is no charge for the Systematic Withdrawal Program; however, you will have to pay taxes on the money you receive. You may also be subject to a withdrawal charge.

Suspension of Withdrawals or Transfers. We may be required to suspend or delay withdrawals or transfers to or from an Investment Division when:

•
the New York Stock Exchange is closed (other than customary weekend and holiday closings);

•
under applicable SEC rules, trading on the New York Stock Exchange is restricted;

•
under applicable SEC rules, an emergency exists so that it is not reasonably practicable to dispose of securities in an Investment Division or determine the value of its assets; or

•
the SEC, by order, may permit for the protection of Contract Owners.

INCOME PAYMENTS (THE INCOME PHASE)

The income phase of your Contract occurs when you begin receiving regular income payments from us. The Income Date is the day those payments begin. Once income payments begin, the Contract cannot be returned to the accumulation phase. You can choose the Income Date and an income option, but the Income Date must be at least one year after the Contract's Issue Date. All of the Contract Value must be annuitized. The income options are described below.

If you do not choose an income option, we will assume that you selected option 3, which provides a life annuity with 120 months of guaranteed payments.

You can change the Income Date or income option at least seven days before the Income Date, but changes to the Income Date may only be to a later date. You must give us written notice at least seven days before the scheduled Income Date. Income payments must begin by the Contract Anniversary on or next following your 95th birthday under a non-qualified Contract, or by such earlier date as required by the applicable qualified plan, law or regulation.

Under a traditional Individual Retirement Annuity, required minimum distributions must begin in the calendar year in which you attain age 70 1/2 (or such other age as required by law). Distributions under qualified plans and Tax-Sheltered Annuities must begin by the later of the calendar year in which you attain age 70 1/2 or the calendar year in which you retire. You do not necessarily have to annuitize your Contract to meet the minimum distribution requirements for Individual Retirement Annuities, qualified plans, and Tax-Sheltered Annuities. Distributions from Roth IRAs are not required prior to your death.

At the Income Date, you can choose to receive fixed payments or variable payments based on the Investment Divisions. If you do not choose how to receive your income payments, your income payments will be variable payments based on the Investment Divisions.

You can choose to have income payments made monthly, quarterly, semi-annually or annually. Or you can choose a single lump sum payment. If you have less than $5,000 to apply toward an income option and state law permits, we may provide your payment in a single lump sum, part of which may be taxable as Federal Income. Likewise, if your first income payment would be less than $50 and state law permits, we may set the frequency of payments so that the first payment would be at least $50.

Fixed Income Payments. If you choose to receive fixed payments, the amount of each income payment will be determined by applying the portion of your Contract Value allocated to fixed payments, less any applicable Premium taxes and charges, to the rates in the annuity tables contained in the Contract applicable to the income option chosen. If the current annuity rates provided by us on contracts of this type would be more favorable to you , the current rates will be used.

Variable Income Payments. If you choose to have any portion of your income payments based upon one or more Investment Divisions, the dollar amount of your initial annuity payment will depend primarily upon the following:


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•
the amount of your Contract Value you allocate to the Investment Division(s) on the Income Date;

•
the amount of any applicable Premium taxes, or withdrawal charges deducted from your Contract Value on the Income Date;

•
which income option you select; and

•
the investment factors listed in your Contract that translate the amount of your Contract Value (as adjusted for applicable charges, frequency of payment and commencement date) into initial payment amounts that are measured by the number of Annuity Units of the Investment Division(s) you select credited to your Contract.

The investment factors in your Contract are calculated based upon a variety of factors, including an assumed net investment rate of 1.0% for all options and, if you select an income option with a life contingency, the age and gender of the Annuitant. State variations may apply.

If the actual net investment rate experienced by an Investment Division exceeds the assumed net investment rate, variable annuity payments will increase over time. Conversely, if the actual net investment rate is less than the assumed net investment rate, variable annuity payments will decrease over time. If the actual net investment rate equals the assumed net investment rate, the variable annuity payments will remain constant.

We calculate the dollar amount of subsequent income payments that you receive based upon the performance of the Investment Divisions you select. If that performance (measured by changes in the value of Annuity Units) exceeds the assumed net investment rate, then your income payments will increase; if that performance is less than the assumed net investment rate, then your income payments will decrease. Neither expenses actually incurred (other than taxes on investment return), nor mortality actually experienced, will adversely affect the dollar amount of subsequent income payments.

Income Options. The Annuitant is the person whose life we look to when we make income payments (each description assumes that you are the Owner and Annuitant). The following income options may not be available in all states. Each income option is available as fixed payments or variable payments.

Option 1 - Life Income. This income option provides monthly payments for your life. No further payments are payable after your death. Thus, it is possible for you to receive only one payment if you die prior to the date the second payment is due. If you die after the Income Date but before the first monthly payment, the amount allocated to the income option will be paid to your Beneficiary.

Option 2 - Joint and Survivor. This income option provides monthly payments for your life and for the life of another person (usually your spouse) selected by you. Upon the death of either person, the monthly payments will continue during the lifetime of the survivor. No further payments are payable after the death of the survivor. If you and the person who is the joint life both die after the Income Date but before the first monthly payment, the amount allocated to the income option will be paid to your Beneficiary.

Option 3 - Life Annuity With at Least 120 or 240 Monthly Payments. This income option provides monthly payments for the Annuitant's life, but with payments continuing to the Beneficiary for the remainder of 10 or 20 years (as you select) if the Annuitant dies before the end of the selected period. If the Beneficiary does not want to receive the remaining scheduled payments, a single lump sum may be requested, which will be equal to the present value of the remaining payments (as of the date of calculation) discounted at an interest rate that will be no more than 1% higher than the rate used to calculate the initial payment. The calculation of the lump sum payment results in a Commutation Fee, which is further discussed on page 28.

Option 4 - Income for a Specified Period. This income option provides monthly payments for any number of years from 5 to 30. If the Beneficiary does not want to receive the remaining scheduled payments, a single lump sum may be requested, which will be equal to the present value of the remaining payments (as of the date of calculation) discounted at an interest rate that will be no more than 1% higher than the rate used to calculate the initial payment. The calculation of the lump sum payment results in a Commutation Fee, which is further discussed on page 28.

Additional Options - We may make other income options available.

No withdrawals are permitted during the income phase under an income option that is life contingent.


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DEATH BENEFIT

The Contract has a death benefit, which is payable during the accumulation phase. The death benefit equals your Contract Value on the date we receive all required documentation from your Beneficiary.

The death benefit paid to your Beneficiary upon your death is calculated as of the date we receive all required documentation in Good Order which includes, but is not limited to, due proof of death and a completed claim form from the Beneficiary of record (if there are multiple beneficiaries, we will calculate the death benefit when we receive this documentation from the first Beneficiary). Payment will include interest to the extent required by law.

If you die before moving to the income phase, the person you have chosen as your Beneficiary will receive the death benefit. If you have a joint Owner, the death benefit will be paid when the first joint Owner dies. The surviving joint Owner will be treated as the Beneficiary. Any other Beneficiary designated will be treated as a contingent Beneficiary. Only a spousal Beneficiary has the right to continue the Contract in force upon your death.

Payout Options. The death benefit can be paid under one of the following payout options:

•
single lump sum payment; or

•
payment of entire death benefit within 5 years of the date of death; or

•
payment of the entire death benefit under an income option over the Beneficiary's lifetime or for a period not extending beyond the Beneficiary's life expectancy; or payment of a portion of the death benefit under an income option over the Beneficiary's lifetime or for a period not extending beyond the Beneficiary's life expectancy, with the balance of the death benefit payable to the Beneficiary. Any portion of the death benefit not applied under an income option within one year of the Owner's death, however, must be paid within five years of the date of the Owner's death; or

•
the Beneficiary may elect to receive distribution of the entire death benefit in a series of systematic withdrawals over a period not extending beyond the Beneficiary’s life expectancy. The distributions must satisfy the minimum distribution requirements resulting from the death of the Owner as defined by the Internal Revenue Code and the implementing regulations. Upon the Beneficiary’s death, under a tax-qualified Contract, the designated beneficiary may elect to continue such distributions or take a lump-sum distribution of the Contract Value. Under a non-qualified Contract, the designated beneficiary will receive a lump-sum distribution of the Contract Value.

Under these payout options, the Beneficiary may also elect to receive additional lump sums at any time. The receipt of any additional lump sums will reduce the future income payments to the Beneficiary.

Unless the Beneficiary chooses to receive the entire death benefit in a single sum, the Beneficiary must elect a payout option within the 60-day period beginning with the date we receive proof of death and payments must begin within one year of the date of death. If the Beneficiary chooses to receive some or all of the death benefit in a single sum and all the necessary requirements are met, we will pay the death benefit within seven days. If your Beneficiary is your spouse, he/she may elect to continue the Contract, at the current Contract Value, in his/her own name. If no payout option is selected, the entire death benefit will be paid within 5 years of the Owner's date of death. The death benefit will remain invested in the Investment Divisions in accordance with the allocation instructions given by the Owner until a payout option is selected, or new instructions are received from the Beneficiary after the claim is processed. For more information, please see “Spousal Continuation Option” beginning on page 38.

Pre-Selected Payout Options. As Owner, you may also make a predetermined selection of the death benefit payout option if your death occurs before the Income Date. However, at the time of your death, we may modify the death benefit option if the death benefit you selected exceeds the life expectancy of the Beneficiary. If this Pre-selected Death Benefit Option Election is in force at the time of your death, the payment of the death benefit may not be postponed, nor can the Contract be continued under any other provisions of this Contract. This restriction applies even if the Beneficiary is your spouse, unless such restriction is prohibited by the Internal Revenue Code. If the Beneficiary does not submit the required documentation for the death benefit to us within one year of your death, however, the death benefit must be paid, in a single lump sum, within five years of your death. The Pre-selected Death Benefit Option may not be available in your state.


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Spousal Continuation Option. If your spouse is the Beneficiary and elects to continue the Contract in his or her own name after your death, pursuant to the Spousal Continuation Option, no death benefit will be paid at that time. The Spousal Continuation Option may not be available in your state. See your financial advisor for information regarding the availability of the Spousal Continuation Option.

The Spousal Continuation Option is available to elect one time on the Contract. However, if you have elected the Pre-selected Death Benefit Option the Contract cannot be continued under the Spousal Continuation Option, unless preventing continuation would be prohibited by the Internal Revenue Code. The Pre-selected Death Benefit Option may not be available in your state.

Death of Owner On or After the Income Date. If you or a joint Owner dies, and is not the Annuitant, on or after the Income Date, any remaining payments under the income option elected will continue at least as rapidly as under the method of distribution in effect at the date of death. If you die, the Beneficiary becomes the Owner. If the joint Owner dies, the surviving joint Owner, if any, will be the designated Beneficiary. Any other Beneficiary designation on record at the time of death will be treated as a contingent Beneficiary. A contingent Beneficiary is entitled to receive payment only after the Beneficiary dies.

Death of Annuitant. If the Annuitant is not an Owner or joint Owner and dies before the Income Date, you can name a new Annuitant, subject to our underwriting rules. If you do not name a new Annuitant within 30 days of the death of the Annuitant, you will become the Annuitant. However, if the Owner is a non-natural person (for example, a corporation), then the death of the Annuitant will be treated as the death of the Owner, and a new Annuitant may not be named.

If the Annuitant dies on or after the Income Date, any remaining guaranteed payment will be paid to the Beneficiary as provided for in the income option selected. Any remaining guaranteed payment will be paid at least as rapidly as under the method of distribution in effect at the Annuitant's death.

Stretch Contracts. The beneficiary of death benefit proceeds from another company’s non-qualified annuity contract or tax-qualified annuity contract or plan, may use the death benefit proceeds to purchase a Contract (“Stretch Contract”) from us. The beneficiary of the prior contract or plan (“Beneficial Owner”) must begin taking distributions, or must have begun taking distributions under the prior contract or plan, within one year of the decedent’s death. The distributions must be taken over a period not to exceed the life expectancy of the Beneficial Owner, and the distributions must satisfy the minimum distribution requirements resulting from the decedent’s death as defined by the Internal Revenue Code and implementing regulations. (See “Non-Qualified Contracts – Required Distributions” on page 39.) Upon the Beneficial Owner’s death, under a tax-qualified Stretch Contract, the designated beneficiary may elect to continue such distributions or take a lump-sum distribution of the Contract Value. Upon the Beneficial Owner’s death, under a non-qualified Stretch Contract, the Stretch Contract terminates, and the designated beneficiary will receive a lump-sum distribution of the Contract Value. We will waive withdrawal charges on any withdrawal necessary to satisfy the minimum distribution requirements. Withdrawals in excess of the minimum distribution requirements may be taken at any time, subject to applicable withdrawal charges. Non-qualified Stretch Contracts may not be available in all states. The rights of Beneficial Owners are limited to those applicable to the distribution of the death benefit proceeds.

Special requirements apply to non-qualified Stretch Contracts. All Premium payments must be received in the form of a full or partial 1035 exchange of the death benefit proceeds from a non-qualified annuity contract and other forms of Premium payments are not permitted. Joint ownership is not permitted. The Beneficial Owner may not annuitize the Stretch Contract. The Stretch Contract terminates upon the Beneficial Owner’s death, and we will pay the Contract Value to the Beneficial Owner’s beneficiary(ies) in a lump-sum distribution. Please read the Contract and accompanying endorsement carefully for more information about these and other requirements.

TAXES

The following is only general information and is not intended as tax advice to any individual. Additional tax information is included in the SAI. You should consult your own tax advis o r as to how these general rules will apply to you if you purchase a Contract.

CONTRACT OWNER TAXATION

Tax-Qualified and Non-Qualified Contracts. If you purchase your Contract as a part of a tax-qualified plan such as an Individual Retirement Annuity (IRA), Tax-Sheltered Annuity (sometimes referred to as a 403(b) Contract), or pension or profit-sharing plan (including a 401(k) Plan or H.R. 10 Plan) your Contract will be what is referred to as a tax-qualified contract. Tax deferral under a tax-qualified contract arises under the specific provisions of the Internal Revenue Code (Code) governing the tax-qualified plan, so a tax-qualified contract should be purchased only for the features and benefits other than tax deferral that are

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available under a tax-qualified contract, and not for the purpose of obtaining tax deferral. You should consult your own advis o r regarding these features and benefits of the Contract prior to purchasing a tax-qualified contract.

If you do not purchase your Contract as a part of any tax-qualified pension plan, specially sponsored program or an individual retirement annuity, your Contract will be what is referred to as a non-qualified contract. Some broker-dealers only offer the Contracts as non-qualified contracts.

The amount of your tax liability on the earnings under and the amounts received from either a tax-qualified or a non-qualified contract will vary depending on the specific tax rules applicable to your Contract and your particular circumstances.

Non-Qualified Contracts – General Taxation. Increases in the value of a non-qualified contract attributable to undistributed earnings are generally not taxable to the Contract Owner or the Annuitant until a distribution (either a withdrawal or an income payment) is made from the Contract. This tax deferral is generally not available under a non-qualified contract owned by a
non-natural person (e.g., a corporation or certain other entities other than a trust holding the Contract as an agent for a natural person). Loans based on a non-qualified contract are treated as distributions.

Non-Qualified Contracts – Aggregation of Contracts. For purposes of determining the taxability of a distribution, the Code provides that all non-qualified contracts issued by us (or an affiliate) to you during any calendar year must be treated as one annuity contract. Additional rules may be promulgated under this Code provision to prevent avoidance of its effect through the ownership of serial contracts or otherwise.

Non-Qualified Contracts – Withdrawals and Income Payments. Any withdrawal from a non-qualified contract is taxable as ordinary income to the extent it does not exceed the accumulated earnings under the Contract. In contrast, a part of each income payment under a non-qualified contract is generally treated as a non-taxable return of Premium. The balance of each income payment is taxable as ordinary income. The amounts of the taxable and non-taxable portions of each income payment are determined based on the amount of the investment in the Contract and the length of the period over which income payments are to be made. Income payments received after all of your investment in the Contract is recovered are fully taxable as ordinary income. Additional information is provided in the SAI.

The Code also imposes a 10% penalty on certain taxable amounts received under a non-qualified contract. This penalty tax will not apply to any amounts:

•
paid on or after the date you reach age 59 1/2;

•
paid to your Beneficiary after you die;

•
paid if you become totally disabled (as that term is defined in the Code);

•
paid in a series of substantially equal periodic payments made annually (or more frequently) for your life (or life expectancy) or for a period not exceeding the joint lives (or joint life expectancies) of you and your Beneficiary;

•
paid under an immediate annuity; or

•
which come from Premiums made prior to August 14, 1982.

Beginning in 2013, the taxable portion of distributions from a non-qualified annuity contract will be considered investment income for purposes of the new Medicare tax on investment income. As a result, a 3.8% tax will generally apply to some or all of the taxable portion of distributions to individuals whose modified adjusted gross income exceeds certain threshold amounts. These levels are $200,000 in the case of single taxpayers, $250,000 in the case of married taxpayers filing joint returns, and $125,000 in the case of married taxpayers filing separately. Owners should consult their own tax advis o rs for more information.

Non-Qualified Contracts – Required Distributions. In order to be treated as an annuity contract for federal income tax purposes, the Code requires any non-qualified contract issued after January 18, 1985 to provide that (a) if an Owner dies on or after the annuity starting date but prior to the time the entire interest in the contract has been distributed, the remaining portion of such interest will be distributed at least as rapidly as under the method of distribution being used as of the date of that Owner's death; and (b) if an Owner dies prior to the annuity starting date, the entire interest in the contract must be distributed within five years after the date of the Owner's death.


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The requirements of (b) above can be considered satisfied if any portion of the Owner's interest which is payable to or for the benefit of a “designated beneficiary” is distributed over the life of such beneficiary or over a period not extending beyond the life expectancy of that beneficiary and such distributions begin within one year of that Owner's death. The Owner's “designated beneficiary,” who must be a natural person, is the person designated by such Owner as a Beneficiary and to whom ownership of the Contract passes by reason of death. However, if the Owner's “designated beneficiary” is the surviving spouse of the Owner, the Contract may be continued with the surviving spouse as the new Owner.

Non-Qualified Contracts - 1035 Exchanges. Under Section 1035 of the Code, you can purchase a variable annuity contract through a tax-free exchange of another annuity contract, or a life insurance or endowment contract. For the exchange to be tax-free under Section 1035, the owner and annuitant must be the same under the original annuity contract and the Contract issued to you in the exchange. If the original contract is a life insurance contract or endowment contract, the owner and the insured on the original contract must be the same as the owner and annuitant on the Contract issued to you in the exchange. Under certain circumstances, partial surrenders may be treated as a tax-free “partial 1035 exchange” (please see the Statement of Additional Information for more information).

Tax-Qualified Contracts – Withdrawals and Income Payments. The Code imposes limits on loans, withdrawals, and income payments under tax-qualified contracts. The Code also imposes required minimum distributions for tax-qualified contracts and a 10% penalty on certain taxable amounts received prematurely under a tax-qualified contract. These limits, required minimum distributions, tax penalties and the tax computation rules are summarized in the SAI. Any withdrawals under a tax-qualified contract will be taxable except to the extent they are allocable to an investment in the Contract (any after-tax contributions). In most cases, there will be little or no investment in the Contract for a tax-qualified contract because contributions will have been made on a pre-tax or tax-deductible basis.

Withdrawals – Tax-Sheltered Annuities. The Code limits the withdrawal of amounts attributable to purchase payments made under a salary reduction agreement from Tax-Sheltered Annuities. Withdrawals can only be made when an Owner:

•
reaches age 59 1/2;

•
leaves his/her job;

•
dies;

•
becomes disabled (as that term is defined in the Code); or

•
experiences hardship. However, in the case of hardship, the Owner can only withdraw the Premium and not any earnings.

Withdrawals – Roth IRAs. Subject to certain limitations, individuals may also purchase a type of non-deductible IRA annuity known as a Roth IRA annuity. Qualified distributions from Roth IRA annuities are entirely federal income tax free. A qualified distribution requires that the individual has held the Roth IRA annuity for at least five years and, in addition, that the distribution is made either after the individual reaches age 59 1/2, on account of the individual's death or disability, or as a qualified first-time home purchase, subject to $10,000 lifetime maximum, for the individual, or for a spouse, child, grandchild or ancestor.

Constructive Withdrawals – Investment Adviser Fees. Withdrawals from non-qualified contracts for the payment of investment adviser fees will be considered taxable distributions from the Contract. In a series of Private Letter Rulings, however, the Internal Revenue Service has held that the payment of investment adviser fees from a tax-qualified contract need not be considered a distribution for income tax purposes. Under the facts in these Rulings:

•
there was a written agreement providing for payments of the fees solely from the annuity Contract,

•
the Contract Owner had no liability for the fees, and

•
the fees were paid solely from the annuity Contract to the adviser.

Death Benefits. None of the death benefits paid under the Contract to the Beneficiary will be tax-exempt life insurance benefits. The rules governing the taxation of payments from an annuity Contract, as discussed above, generally apply to the payment of death benefits and depend on whether the death benefits are paid as a lump sum or as annuity payments. Estate or gift taxes may also apply.


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Assignment. An assignment of your Contract will generally be a taxable event. Assignments of a tax-qualified c ontract may also be limited by the Code and the Employee Retirement Income Security Act of 1974, as amended. These limits are summarized in the SAI. You should consult your tax advis o r prior to making any assignment of your Contract.

Diversification. The Code provides that the underlying investments for a non-qualified variable annuity must satisfy certain diversification requirements in order to be treated as an annuity c ontract. We believe that the underlying investments are being managed so as to comply with these requirements. A fuller discussion of the diversification requirements is contained in the SAI.

Owner Control. In a Revenue Ruling issued in 2003, the Internal Revenue Service (IRS) considered certain variable annuity and variable life insurance contracts and held that the types of actual and potential control that the contract owners could exercise over the investment assets held by the insurance company under these variable contracts was not sufficient to cause the contract owners to be treated as the owners of those assets and thus to be subject to current income tax on the income and gains produced by those assets. Under the Contract, like the contracts described in the Revenue Ruling, there will be no arrangement, plan, contract or agreement between the Contract Owner and Jackson regarding the availability of a particular investment option and other than the Contract Owner's right to allocate Premiums and transfer funds among the available sub-accounts, all investment decisions concerning the sub-accounts will be made by the insurance company or an adviser in its sole and absolute discretion.

The Contract will differ from the contracts described in the Revenue Ruling, in two respects. The first difference is that the contract in the Revenue Ruling provided only 12 investment options with the insurance company having the ability to add an additional 8 options whereas a Contract offers 1 1 0 Investment Divisions, and, if more than 99 options are offered, a Contract Owner's Contract Value can be allocated to no more than 99 Investment Divisions at any one time. The second difference is that the owner of a contract in the Revenue Ruling could only make one transfer per 30-day period without a fee whereas during the accumulation phase, a Contract Owner will be permitted to make up to 15 transfers in any one year without a charge.

The Revenue Ruling states that whether the owner of a variable contract is to be treated as the owner of the assets held by the insurance company under the contract will depend on all of the facts and circumstances. Jackson does not believe that the differences between the Contract and the contracts described in the Revenue Ruling with respect to the number of investment choices and the number of investment transfers that can be made under the contract without an additional charge should prevent the holding in the Revenue Ruling from applying to the Owner of a Contract. At this time, however, it cannot be determined whether additional guidance will be provided by the IRS on this issue and what standards may be contained in such guidance. We reserve the right to modify the Contract to the extent required to maintain favorable tax treatment.

Withholding. In general, the income portion of distributions from a Contract are subject to 10% federal income tax withholding and the income portion of income payments are subject to withholding at the same rate as wages unless you elect not to have tax withheld. Some states have enacted similar rules. Different rules may apply to payments delivered outside the United States.

Eligible rollover distributions from a Contract issued under certain types of tax-qualified plans will be subject to federal tax withholding at a mandatory 20% rate unless the distribution is made as a direct rollover to a tax-qualified plan or to an individual retirement account or annuity.

The Code generally allows the rollover of most distributions to and from tax-qualified plans, tax-sheltered annuities, Individual Retirement Annuities and eligible deferred compensation plans of state or local governments. Distributions which may not be rolled over are those which are:

(a)
one of a series of substantially equal annual (or more frequent) payments made (a) over the life or life expectancy of the employee, (b) the joint lives or joint life expectancies of the employee and the employee's beneficiary, or (c) for a specified period of ten years or more;

(b)
a required minimum distribution; or

(c)
a hardship withdrawal.

JACKSON TAXATION

We will pay company income taxes on the taxable corporate earnings created by this separate account product adjusted for various permissible deductions and certain tax benefits discussed below. While we may consider company income tax liabilities and tax benefits when pricing our products, we do not currently include our income tax liabilities in the charges you pay under the Contract. We will periodically review the issue of charging for these taxes and may impose a charge in the future.


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In calculating our corporate income tax liability, we derive certain corporate income tax benefits associated with the investment of company assets, including separate account assets that are treated as company assets under applicable income tax law. These benefits reduce our overall corporate income tax liability. Under current law, such benefits may include dividends received deductions and foreign tax credits which can be material. We do not pass these benefits through to the separate accounts, principally because: (i) the great bulk of the benefits results from the dividends received deduction, which involves no reduction in the dollar amount of dividends that the separate account receives; (ii) product owners are not the owners of the assets generating the benefits under applicable income tax law; and (iii) we do not currently include company income taxes in the charges owners pay under the products.

OTHER INFORMATION

Dollar Cost Averaging. You can arrange to have a dollar amount or percentage of money periodically transferred automatically into the Investment Divisions (each a "Designated Option") from any of the Investment Divisions (each a “Source Option”). Investment Divisions under a Guidance Model Portfolio also are available as Designated Options and Source Options.

In the case of transfers from Investment Divisions with a less volatile unit value to the Investment Divisions, Dollar Cost Averaging can let you pay a lower average cost per unit over time than you would receive if you made a one-time purchase. Transfers from the more volatile Investment Divisions may not result in lower average costs and such Investment Divisions may not be an appropriate source of dollar cost averaging transfers in volatile markets.

There is no charge for Dollar Cost Averaging. You may cancel your Dollar Cost Averaging program using whatever methods you use to change your allocation instructions. You should consult with your representative with respect to the current availability of Dollar Cost Averaging. Certain restrictions may apply.

Earnings Sweep. You can choose to have your earnings transferred automatically on a monthly basis from the JNL/WMC Money Market Investment Division into other Investment Divisions. Earnings Sweep may only be added within 30 days of the Issue Date of your Contract.

There is no charge for Earnings Sweep. You may cancel your Earnings Sweep program using whatever methods you use to change your allocation instructions. You should consult with your representative with respect to the current availability of Earnings Sweep. Certain restrictions may apply.

Guidance Model Portfolios. The Elite Access Advisory Guidance Model Portfolios may be offered to you through your representative at no additional cost to assist in diversifying your investment across various asset classes of the available Investment Divisions (the “Guidance Model Portfolios” or “Models”). The Guidance Model Portfolios allow you to choose from ten Models designed to assist in meeting your stated investment goals. Each Guidance Model Portfolio is comprised of a carefully selected combination of Investment Divisions representing various asset classes. The Models allocate among the various asset classes to attempt to match certain combinations of investors’ investment time horizon and risk tolerance. Please consult your representative for more information about investment based on the Guidance Model Portfolios.

Electing a Guidance Model Portfolio

Your representative is available to assist you in electing a Guidance Model Portfolio when you purchase your variable annuity or if after Contract issue. You should determine, with the assistance of your representative, as needed, which Model is most appropriate for you based on your financial needs, risk tolerance and investment time horizon. You may request to discontinue the use of a Model by notifying your representative who will advise you on how to execute your decision.

You may also choose to invest gradually into a Guidance Model Portfolio through the Dollar Cost Averaging (DCA) program. Please see “Dollar Cost Averaging” above.

You may invest in more than one Guidance Model Portfolio at a time and also invest in other Investment Divisions that are not part of the Guidance Model Portfolios. If you split your investment in one or more Guidance Model Portfolios, your investment may no longer be consistent with the Guidance Model Portfolio’s intended objectives. Additionally, if you invest in any Investment Divisions in addition to investing in a Guidance Model Portfolio, such an investment may not be or remain consistent with the Guidance Model Portfolio’s intended objectives you selected. Therefore, if you invest in a Guidance Model Portfolio, you should speak with your representative before investing in other Investment Divisions that are not part of the Guidance Model Portfolios.

You may request withdrawals, as permitted by your Contract, which will be taken proportionately from each of the allocations in the selected Guidance Model Portfolio unless otherwise indicated in your withdrawal instructions. If you choose to make a non-proportional withdrawal from the Investment Divisions in the Guidance Model Portfolio, your investment may no longer be consistent with the

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Guidance Model Portfolio’s intended objectives. Withdrawals may be subject to a withdrawal charge and the usual tax consequences apply.

As further discussed with your representative, you can transfer 100% of your investment from each Guidance Model Portfolio to other Guidance Model Portfolios at any time; you will be transferred into the then current Models available. As a result of your transfer, you will need to update your allocation instructions on file with respect to subsequent Purchase Payments and, if applicable, DCA allocation instructions and Rebalancing instructions, if you want to reflect your new Model selection. Transfers where allocation and balancing instructions are not applicable, such as transfers of partial investments in a Model or transfers to multiple Models will require more detailed accompanying new instructions. Transfers in excess of 15 in a Contract Year may be subject to a charge (see “Transfer Charge” on page 27).

New Guidance Model Portfolios may be configured from time to time. The existing Models will remain unchanged. Thus, once you invest in a Model, the percentages of your Contract Value allocated to each Investment Division within the selected Model will not be changed by us. Any subsequent Purchase Payments will be invested in the same Guidance Model Portfolio as your existing Model and will not be invested in the then current Guidance Model Portfolios allocations, unless we receive specific written instructions to change to a new Guidance Model Portfolio. Your representative can provide you with information regarding the availability and nature of any new Guidance Model Portfolios and your selection of ones that meet your needs and goals. You should speak with your representative about how to keep the Investment Division allocations in your Guidance Model Portfolio in line with your investment goals over time.

Please see “Dollar Cost Averaging” above and “Rebalancing” below.

A subsequent Purchase Payment will be invested in the same Guidance Model Portfolio as your current investment unless we receive different instructions from you. You should consult with your representative to determine if you should update your allocation instructions, DCA target allocation instructions and/or Rebalancing program instructions on file when you make a subsequent Purchase Payment.

You can elect to have your investment in the Guidance Model Portfolios rebalanced quarterly, semi-annually, or annually to maintain the target asset allocation among the Investment Divisions of the Model you selected. Over time, the Guidance Model Portfolio you select may no longer align with its original investment objective due to the effects of Investment Division performance and changes in the Investment Division’s investment objectives. Therefore, if you do not elect to have your investment in the Guidance Model Portfolio rebalanced at least annually, then your investment may no longer be consistent with the Guidance Model Portfolio’s intended objectives. In addition, your investment goals, financial situation and risk tolerance may change over time. You should consult with your representative about how to keep your Guidance Model Portfolio’s allocations in line with your investment goals. Finally, changes in investment objectives or management of the underlying Funds invested in by the Investment Divisions in the Models may mean that, over time, the Models no longer are consistent with their original investment goals.

Important Information about the Guidance Model Portfolios

The Guidance Model Portfolios are not intended as investment advice about investing in the Investment Divisions, and we do not provide investment advice regarding whether a Guidance Model Portfolio should be revised or whether it remains appropriate to invest in accordance with any particular Guidance Model Portfolio. The Guidance Model Portfolios do not guarantee greater or more consistent returns. Future market and asset class performance may differ from the historical performance upon which the Guidance Model Portfolios may have been built. Also, allocation to a single asset class may outperform a Model, so that you could have better investment returns investing in a single asset class than in a Guidance Model Portfolio. However, such a strategy may involve a greater degree of risk because of the concentration of similar securities in a single asset class. Further, there can be no assurance that any Investment Division chosen for a particular Guidance Model Portfolio will perform well or that its performance will closely reflect that of the asset class it is designed to represent.

The Guidance Model Portfolios represent suggested allocations that are provided to you as general guidance through your representative. You should work with your representative in determining if one of the Guidance Model Portfolios meets your financial needs, investment time horizon, and is consistent with your risk tolerance level. Information concerning the specific Guidance Model Portfolios can be obtained from your representative.

We reserve the right to change the Investment Divisions and/or allocations to certain Investment Divisions in each Model to the extent that Investment Divisions or the Funds in which they invest are liquidated, substituted, merged or otherwise reorganized.

We reserve the right to modify, suspend or terminate the Guidance Model Portfolios at any time.

Rebalancing. You can arrange to have us automatically reallocate your Contract Value among Investment Divisions (including Investment Divisions under Guidance Model Portfolios) periodically to maintain your selected allocation percentages. Rebalancing is

43


consistent with maintaining your allocation of investments among market segments, although it is accomplished by reducing your Contract Value allocated to the better performing Investment Divisions.

There is no charge for Rebalancing. You may cancel your Rebalancing program using whatever methods you use to change your allocation instructions. You should consult with your representative with respect to the current availability of Rebalancing. Certain restrictions may apply.

Free Look. You may return your Contract to the selling agent or us within ten days (or longer if required by your state) after receiving it. We will return

•
the Contract Value, plus

•
any fees and expenses deducted from the Premiums.

We will determine the Contract Value in the Investment Divisions as of the date we receive the Contract (subject to s tate variations). In states that require the return of Premium payments, we will return the greater of Premium payments and Contract Value. We will pay the applicable free look proceeds within seven days of a request in Good Order. If a Purchase Payment made by personal check or electronic draft is received within the five days preceding a free look request, we may delay payment of the free look proceeds up to seven days after the date of the request, to ensure the check or electronic draft is not returned due to insufficient funds. In some states, we are required to hold the Premiums of a senior citizen in the JNL/WMC Money Market Investment Division during the free look period, unless we are specifically directed to allocate the Premiums to the Investment Divisions. State laws vary; your free look rights will depend on the laws of the state in which you purchased the Contract.

Advertising. From time to time, we may advertise several types of performance of the Investment Divisions.

•
Total return is the overall change in the value of an investment in an Investment Division over a given period of time.

•
Standardized average annual total return is calculated in accordance with SEC guidelines.

•
Non-standardized total return may be for periods other than those required by, or may otherwise differ from, standardized average annual total return. For example, if a Fund has been in existence longer than the Investment Division, we may show non-standardized performance for periods that begin on the inception date of the Fund, rather than the inception date of the Investment Division.

•
Yield refers to the income generated by an investment over a given period of time.

Performance will be calculated by determining the percentage change in the value of an Accumulation Unit by dividing the increase (decrease) for that unit by the value of the Accumulation Unit at the beginning of the period. Performance may reflect the deduction of the Monthly Contract Charges and the deduction of withdrawal charges.

Restrictions Under the Texas Optional Retirement Program (ORP). Contracts issued to participants in ORP contain restrictions required under the Texas Administrative Code. In accordance with those restrictions, a participant in ORP will not be permitted to make withdrawals prior to such participant's retirement, death, attainment of age 70 1/2 or termination of employment in a Texas public institution of higher education. The restrictions on withdrawal do not apply in the event a participant in ORP transfers the Contract Value to another approved contract or vendor during the period of ORP participation. These requirements will apply to any other jurisdiction with comparable requirements.

Modification of Your Contract. Only our President, Vice President, Secretary or Assistant Secretary may approve a change to or waive a provision of your Contract. Any change or waiver must be in writing. We may change the terms of your Contract without your consent in order to comply with changes in any applicable provisions or requirements of the Internal Revenue Code.

Confirmation of Transactions. We will send you a written statement confirming that a financial transaction, such as a Premium payment, withdrawal, or transfer has been completed. This confirmation statement will provide details about the transaction. Certain transactions which are made on a periodic or systematic basis will be confirmed in a quarterly statement only.


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It is important that you carefully review the information contained in the statements that confirm your transactions. If you believe an error has occurred you must notify us in writing within 30 days of receipt of the statement so we can make any appropriate adjustments. If we do not receive notice of any such potential error, we may not be responsible for correcting the error.

Legal Proceedings. Jackson and its subsidiaries are defendants in a number of civil proceedings, arising in the ordinary course of business. We do not believe at the present time that any pending action or proceeding will have a material adverse effect upon the Separate Account, Jackson’s ability to meet its obligations under the Contracts, or Jackson National Life Distributors LLC’s ability to perform its contract with the Separate Account.

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TABLE OF CONTENTS OF
THE STATEMENT OF ADDITIONAL INFORMATION
General Information and History
 
Services
 
Purchase of Securities Being Offered
 
Underwriters
 
Calculation of Performance
 
Additional Tax Information
 
Annuity Provisions
 
Net Investment Factor
 
Financial Statements of the Separate Account
 
Financial Statements of Jackson
 



STATEMENT OF ADDITIONAL INFORMATION REQUEST FORM
To obtain any of the following Statements of Additional Information (SAIs), please complete the form below and mail to:

Jackson National Life Insurance Company® 
PO Box 24068
Lansing, MI 48909- 4068
You can also request a copy of any of the following SAIs by calling our Annuity Service Center at 1-800-644-4565
 
Please send me a copy of the current SAI for (check all that apply):
q Elite Access AdvisorySM Variable Annuity ( JMV18069 11/16 )
q JNL® Series Trust (V3180)
q JNL Variable Fund LLC (V3670)
q Jackson Variable Series Trust (CMV8711)
q American Funds Insurance Series (CMX5460)
Please Print:
Name: _______________________________________________________________________________________
Address: ______________________________________________________________________________________
City: _______________________________________ State: _______________________ Zip Code: ____________
Date: __________ /_____ /________Signed: _________________________________________________________



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APPENDIX A

TRADEMARKS, SERVICE MARKS, AND RELATED DISCLOSURES

“JNL®,” “Jackson National®,” “Jackson®,” “Jackson of NY®” and “Jackson National Life Insurance Company of New York®” are trademarks of Jackson National Life Insurance Company®.

The “S&P 500 Index,” “S&P MidCap 400 Index,” “S&P SmallCap 600 Index,” “Dow Jones Industrial Average,” and “Dow Jones Brookfield Global Infrastructure Index,” “STANDARD & POOR’S®,” “S&P®,” “S&P 500®,” “S&P MIDCAP 400 Index®,” “STANDARD & POOR’S MIDCAP 400 Index®,” “S&P SmallCap 600 Index®” and “STANDARD & POOR’S 500®” (collectively, the “Indices”) are products of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by Jackson National Life Insurance Company (“Jackson”). “Dow Jones®”, “Dow Jones Industrial Average”, “DJIA®”, and “The Dow®” are service and/or trademarks of Dow Jones Trademark Holdings, LLC (“Dow Jones”) and have been licensed to SPDJI and have been sub-licensed for use for certain purposes by Jackson National Life Insurance Company® (“Jackson”).

The Dow Jones Brookfield Global Infrastructure Index is calculated by SPDJI pursuant to an agreement with Brookfield Redding, Inc. (together with its affiliates, “Brookfield”) and has been licensed for use. Standard & Poor’s®, S&P® and S&P 500®, S&P MidCap 400® and S&P SmallCap 600® are registered trademarks of Standard & Poor’s Financial Services LLC; Brookfield® is a registered trademark of Brookfield Asset Management, Inc.; and the foregoing trademarks have been licensed by SPDJI for use.

The JNL/Mellon Capital S&P® SMid 60 Fund, JNL/Mellon Capital S&P 500 Index Fund, JNL/Mellon Capital S&P 400 MidCap Index Fund, JNL/Mellon Capital Small Cap Index Fund, and the JNL/Brookfield Global Infrastructure and MLP Fund (collectively, the “Products”) are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, Standard & Poor’s Financial Services LLC, Brookfield or any of their respective affiliates (collectively, “S&P Dow Jones Indices”).

S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Products or any member of the public regarding the advisability of investing in securities generally or in the Products particularly or the ability of the Indices to track general market performance. S&P Dow Jones Indices’ only relationship to Jackson with respect to the Indices or the Products is the licensing of the Indices and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Indices are determined, composed and calculated by S&P Dow Jones Indices without regard to Jackson or the Products. S&P Dow Jones Indices have no obligation to take the needs of Jackson or the owners of the Products into consideration in determining, composing or calculating the Indices. S&P Dow Jones Indices are not responsible for and have not participated in the determination of the prices, and amount of the Products or the timing of the issuance or sale of the Products in the determination or calculation of the equation by which the Products are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices have no obligation or liability in connection with the administration, marketing or trading of the Products. There is no assurance that investment products based on the Indices will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice. Notwithstanding the foregoing, CME Group Inc. and its affiliates may independently issue and/or sponsor financial products unrelated to Products currently being issued by Jackson, but which may be similar to and competitive with Products. In addition, CME Group Inc. and its affiliates may trade financial products which are linked to the performance of the Index.

Dow Jones, SPDJI and their respective affiliates do not:
•
Sponsor, endorse, sell or promote the Products.
•
Recommend that any person invest in the Products.
•
Have any responsibility or liability for or make any decisions about the timing, amount or pricing of the Products.
•
Have any responsibility or liability for the administration, management or marketing of the Products.
•
Consider the needs of the Products or the owners of the Products in determining, composing or calculating the Indexes or have any obligation to do so.
Dow Jones, SPDJI and their respective affiliates will not have any liability in connection with the Products. Specifically,

•    Dow Jones, SPDJI and their respective affiliates do not make any warranty, express or implied, and Dow Jones, SPDJI and their respective affiliates disclaim any warranty about:

 
•    The results to be obtained by the Products, the owners of the Products or any other person in connection with the use of the DJIA and the data included in the Indexes;

 
•    The accuracy or completeness of the Indexes and its data;


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•    The merchantability and the fitness for a particular purpose or use of the Indexes and its data;

•    Dow Jones, SPDJI and/or their respective affiliates will have no liability for any errors, omissions or interruptions in the Indexes or its data;

•    Under no circumstances will Dow Jones, SPDJI and/or their respective affiliates be liable for any lost profits or indirect, punitive, special or consequential damages or losses, even if they know that they might occur.

The licensing agreement relating to the use of the Indexes and trademarks referred to above by Jackson and SPDJI is solely for the benefit of the Products and not for any other third parties.


S&P DOW JONES INDICES DO NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDICES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS IN CALCULATING THE INDICES. S&P DOW JONES INDICES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY JACKSON OR OWNERS OF THE PRODUCTS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDICES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND JACKSON, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

SPDR® is a registered trademark of Standard & Poor’s Financial Services LLC. S&P Capital IQ is a trademark of Standard & Poor's Financial Services LLC.

The following applies to the JNL/S&P Competitive Advantage Fund, JNL/S&P Dividend Income & Growth Fund, JNL/S&P Total Yield Fund, JNL/S&P Intrinsic Value Fund, JNL/S&P International 5 Fund, JNL/S&P 4 Fund, and JNL/S&P Mid 3 Fund.

Standard & Poor’s Investment Advisory Services LLC (“SPIAS”) is a registered investment advisor with the U.S. Securities and Exchange Commission and a wholly owned subsidiary of S&P Global Inc . SPIAS does not provide advice to underlying clients of the firms to which it provides services. SPIAS does not act as a “fiduciary” or as an “investment manager,” as defined under ERISA, to any investor. SPIAS is not responsible for client suitability.

Programs and products of the firms to which SPIAS provides services are not endorsed, sold or promoted by SPIAS and its affiliates, and SPIAS and its affiliates make no representation regarding the advisability of investing in those programs and products. With respect to the asset allocations and investments recommended by SPIAS, investors should realize that such investment recommendations are provided to Jackson National Asset Management, LLC only as a general recommendation. The underlying funds of the JNL/S&P 4 Fund are co-sub-advised by SPIAS. SPIAS does not co-sub-advise the JNL/S&P 4 Fund. There is no agreement or understanding whatsoever that SPIAS will provide individualized advice to any investor. SPIAS does not take into account any information about any investor or any investor’s assets when providing investment advisory services to firms to which SPIAS provides services. SPIAS does not have any discretionary authority or control with respect to purchasing or selling securities or making other investments. Individual investors should ultimately rely on their own judgment and/or the judgment of a representative in making their investment decisions.

Standard & Poor’s Financial Services LLC, SPIAS, and their affiliates (collectively S&P), and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively with S&P, S&P Parties) do not guarantee the accuracy, completeness, adequacy or timeliness of any information, including ratings and valuations, and are not responsible for errors and omissions, or for the results obtained from the use of such information, and S&P Parties shall have no liability for any errors, omission, or interruptions therein (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such information. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the information contained in this document even if advised of the possibility of such damages.

S&P’s credit ratings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. S&P credit ratings should not be relied on when making any investment or other business decision. S&P’s opinions and analyses do not address the suitability of any security. S&P does not act as a fiduciary

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or an investment advisor, except where registered as such. While S&P has obtained information from sources they believe to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P publications and third party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.

Based on a universe of funds provided to SPIAS, SPIAS may recommend for investment certain funds to which S&P licenses certain intellectual property or otherwise has a financial interest, including exchange-traded funds whose investment objective is to substantially replicate the returns of a proprietary index of S&P Dow Jones Indices, such as the S&P 500. SPIAS recommends these funds for investment based on asset allocation, sector representation, liquidity and other factors; however, SPIAS has a potential conflict of interest with respect to the inclusion of these funds. In cases where S&P is paid fees that are tied to the amount of assets that are invested in the fund, investment in the fund will generally result in S&P earning compensation in addition to the fees received by SPIAS in connection with its provision of services. In certain cases there may be alternative funds that are available for investment that will provide investors substantially similar exposure to the asset class or sector.

S&P provides a wide range of services to, or relating to, many organizations, including issuers of securities, investment advisers, broker-dealers, investment banks, other financial institutions and financial intermediaries, and accordingly may receive fees or other economic benefits from those organizations, including organizations whose securities or services they may recommend, rate, include in model portfolios, evaluate or otherwise address.

SPIAS may consider research and other information from affiliates in making its investment recommendations. The investment policies of certain portfolios specifically state that among the information SPIAS will consider in evaluating a security are the credit ratings assigned by S&P. SPIAS does not consider the ratings assigned by other credit rating agencies. Credit rating criteria and scales may differ among credit rating agencies. Ratings assigned by other credit rating agencies may reflect more or less favorable opinions of creditworthiness than ratings assigned by S&P.

The Funds are not sponsored, endorsed, sold or promoted by S&P and its affiliates and S&P and its affiliates make no representation regarding the advisability of investing in the Funds.

Goldman Sachs is a registered service mark of Goldman, Sachs & Co.

DoubleLine is a registered service mark of DoubleLine Capital LP.

The Product(s) is not sponsored, endorsed, sold or promoted by The Nasdaq Stock Market, Inc. (including its affiliates) (Nasdaq, with its affiliates, are referred to as the Corporations).  The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Product(s).  The Corporations make no representation or warranty, express or implied to the owners of the Product(s) or any member of the public regarding the advisability of investing in securities generally or in the Product(s) particularly, or the ability of the Nasdaq-100 Index® to track general stock market performance.  The Corporations' only relationship to Jackson (Licensee) is in the licensing of the Nasdaq-100®, Nasdaq-100 Index®, and Nasdaq® trademarks or service marks, and certain trade names of the Corporations and the use of the Nasdaq-100 Index® which is determined, composed and calculated by Nasdaq without regard to Licensee or the Product(s).  Nasdaq has no obligation to take the needs of the Licensee or the owners of the Product(s) into consideration in determining, composing or calculating the Nasdaq-100 Index®. The Corporations are not responsible for and have not participated in the determination of the timing of, prices at, or quantities of the Product(s) to be issued or in the determination or calculation of the equation by which the Product(s) is to be converted into cash.  The Corporations have no liability in connection with the administration, marketing or trading of the Product(s).


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THE CORPORATIONS DO NOT GUARANTEE THE ACCURACY AND/OR UNINTERRUPTED CALCULATION OF THE NASDAQ-100 INDEX® OR ANY DATA INCLUDED THEREIN.  THE CORPORATIONS MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE PRODUCT(S), OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE NASDAQ-100 INDEX® OR ANY DATA INCLUDED THEREIN.  THE CORPORATIONS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE NASDAQ-100 INDEX® OR ANY DATA INCLUDED THEREIN.  WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE CORPORATIONS HAVE ANY LIABILITY FOR ANY LOST PROFITS OR SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

“The Nasdaq-100®,” “Nasdaq-100 Index®,” “Nasdaq Stock Market®” and “Nasdaq®” are trade or service marks of The Nasdaq, Inc. (which with its affiliates are the “Corporations”) and have been licensed for use by Jackson.  The Corporations have not passed on the legality or suitability of the JNL/Mellon Capital Nasdaq® 100 Fund.  The JNL/Mellon Capital Nasdaq® 100 Fund is not issued, endorsed, sponsored, managed, sold or promoted by the Corporations.  THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE JNL/MELLON CAPITAL NASDAQ® 100 FUND.

THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND ARE NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. (“MSCI”), ANY OF ITS AFFILIATES, ANY OF ITS INFORMATION PROVIDERS OR ANY OTHER THIRD PARTY INVOLVED IN, OR RELATED TO, COMPILING, COMPUTING OR CREATING ANY MSCI INDEX (COLLECTIVELY, THE “MSCI PARTIES”).  THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI.  MSCI AND THE MSCI INDEX NAMES ARE SERVICE MARK(S) OF MSCI OR ITS AFFILIATES AND HAVE BEEN LICENSED FOR USE FOR CERTAIN PURPOSES BY JACKSON NATIONAL ASSET MANAGEMENT, LLC.  NONE OF THE MSCI PARTIES MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE ISSUER OR OWNERS OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND OR ANY OTHER PERSON OR ENTITY REGARDING THE ADVISABILITY OF INVESTING IN FUNDS GENERALLY OR IN THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND PARTICULARLY OR THE ABILITY OF ANY MSCI INDEX TO TRACK CORRESPONDING STOCK MARKET PERFORMANCE.  MSCI OR ITS AFFILIATES ARE THE LICENSORS OF CERTAIN TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDEXES WHICH ARE DETERMINED, COMPOSED AND CALCULATED BY MSCI WITHOUT REGARD TO THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND OR THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND OR THE ISSUER OR OWNERS OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND OR ANY OTHER PERSON OR ENTITY.  NONE OF THE MSCI PARTIES HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUER OR OWNERS OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND OR ANY OTHER PERSON OR ENTITY INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE MSCI INDEXES.  NONE OF THE MSCI PARTIES IS RESPONSIBLE FOR OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND TO BE ISSUED OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY OR THE CONSIDERATION

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INTO WHICH THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND IS REDEEMABLE.  FURTHER, NONE OF THE MSCI PARTIES HAS ANY OBLIGATION OR LIABILITY TO THE ISSUER OR OWNERS OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND OR ANY OTHER PERSON OR ENTITY IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR OFFERING OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND.

ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES THAT MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN.  NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND, OWNERS OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN.  NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED THEREIN.  WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

Barclays Capital Inc. and its affiliates (“Barclays”) is not the issuer or producer of JNL/DoubleLine® Shiller Enhanced CAPE® Fund and Barclays has no responsibilities, obligations or duties to investors in JNL/DoubleLine® Shiller Enhanced CAPE® Fund. The Shiller Barclays CAPE™ US Sector ER USD Index is a trademark owned by Barclays Bank PLC and licensed for use by JNL Series Trust (“JNLST”) as the Issuer of JNL/DoubleLine® Shiller Enhanced CAPE® Fund. Barclays only relationship with the Issuer in respect of Shiller Barclays CAPE™ US Sector ER USD Index is the licensing of the Shiller Barclays CAPE™ US Sector ER USD Index which is determined, composed and calculated by Barclays without regard to the Issuer or the JNL/DoubleLine® Shiller Enhanced CAPE® Fund or the owners of the JNL/DoubleLine® Shiller Enhanced CAPE® Fund. Additionally, JNLST or JNL/DoubleLine® Shiller Enhanced CAPE® Fund may for itself execute transaction(s) with Barclays in or relating to the Shiller Barclays CAPE™ US Sector ER USD Index in connection with JNL/DoubleLine® Shiller Enhanced CAPE® Fund investors acquire JNL/DoubleLine® Shiller Enhanced CAPE® Fund from JNLST and investors neither acquire any interest in Shiller Barclays CAPE™ US Sector ER USD Index nor enter into any relationship of any kind whatsoever with Barclays upon making an investment in JNL/DoubleLine® Shiller Enhanced CAPE® Fund. The JNL/DoubleLine® Shiller Enhanced CAPE® Fund is not sponsored, endorsed, sold or promoted by Barclays. Barclays does not make any representation or warranty, express or implied regarding the advisability of investing in the JNL/DoubleLine® Shiller Enhanced CAPE® Fund or the advisability of investing in securities generally or the ability of the Shiller Barclays CAPE™ US Sector ER USD Index to track corresponding or relative market performance.  Barclays has not passed on the legality or suitability of the JNL/DoubleLine® Shiller Enhanced CAPE® Fund with respect to any person or entity. Barclays is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the JNL/DoubleLine® Shiller Enhanced CAPE® Fund to be issued.  Barclays has no obligation to take the needs of the Issuer or the owners of the JNL/DoubleLine® Shiller Enhanced CAPE® Fund or any other third party into

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consideration in determining, composing or calculating the Shiller Barclays CAPE™ US Sector ER USD Index Barclays has no obligation or liability in connection with administration, marketing or trading of the JNL/DoubleLine® Shiller Enhanced CAPE® Fund.

The licensing agreement between JNLST and Barclays is solely for the benefit of JNLST and Barclays and not for the benefit of the owners of the JNL/DoubleLine® Shiller Enhanced CAPE® Fund, investors or other third parties.

BARCLAYS SHALL HAVE NO LIABILITY TO THE ISSUER, INVESTORS OR TO OTHER THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE Shiller Barclays CAPE™ US Sector ER USD Index OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE Shiller Barclays CAPE™ US Sector ER USD Index. BARCLAYS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER, THE INVESTORS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE Shiller Barclays CAPE™ US Sector ER USD Index OR ANY DATA INCLUDED THEREIN.  BARCLAYS MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE Shiller Barclays CAPE™ US Sector ER USD Index OR ANY DATA INCLUDED THEREIN. BARCLAYS RESERVES THE RIGHT TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR PUBLICATION OF THE Shiller Barclays CAPETM US Sector ER USD Index, AND BARCLAYS SHALL NOT BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR INTERRUPTED PUBLICATION WITH RESPECT TO ANY OF THE Shiller Barclays CAPE™ US Sector ER USD Index BARCLAYS SHALL NOT BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS AND EVEN IF ADVISED OF THE POSSIBILITY OF SUCH, RESULTING FROM THE USE OF THE Shiller Barclays CAPE™ US Sector ER USD Index OR ANY DATA INCLUDED THEREIN OR WITH RESPECT TO THE JNL/DOUBLELINE SHILLER ENHANCED CAPE FUND.

None of the information supplied by Barclays Bank PLC and used in this publication may be reproduced in any manner without the prior written permission of Barclays Capital, the investment banking division of Barclays Bank PLC. Barclays Bank PLC is registered in England No. 1026167. Registered office 1 Churchill Place London E l 4 5HP.





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APPENDIX B

FINANCIAL INSTITUTION SUPPORT

Below is a complete list of Financial Institutions that received marketing and distribution and/or administrative support in 2015 from the Distributor and/or Jackson in relation to the sale of Jackson and Jackson of NY variable insurance products.
1st Global Capital Corporation
Bolton Global Capital
Commonwealth Financial Network
Adirondack Trading Group, LLC
BOSC, Inc.
Community America Financial Solutions, LLC
Advanced Financial Services
Broker Dealer Financial Services Corporation
Comprehensive Asset Management and
Advanced Wealth and Retirement Planning
Brokers International Financial Services, LLC
Servicing, Inc.
Concepts
Brooklight Place Securities
Cona Investment Advisors, LLC
Advisors Wealth Management, Inc.
Bruce A. Lefavi Securities, Inc.
Concorde Investment Services, LLC
Advisory Group Equity Services, Ltd.
Bruderman Brothers
Coordinated Capital Securities, Inc.
Allegheny Investments, Ltd.
Buckman, Buckman & Reid, Inc.
CoreCap Investments, Inc.
Allegiance Capital, LLC
Cabot Lodge Securities, LLC
Corinthian Partners
Allegis Investment Services
Cadaret, Grant & Co., Inc.
Cornerstone Financial Services, Inc.
Allen & Company of Florida, Inc.
Calton & Associates, Inc.
Country Capital Management Company
Allstate Financial Services, LLC
Cambridge Investment Research, Inc.
Country Club Financial Services, Inc.
American Capital
Cantella & Company, Inc.
Creative Financial Designs, Inc.
American Independent Securities Group, LLC
Cape Securities, Inc.
Crescent Securities Group
American Investors Company
Capital Financial Services
Crown Capital Securities, L.P.
American Portfolios Financial Services, Inc.
Capital Guardian, LLC
CUNA Brokerage Services, Inc.
Ameriprise Advisor Services, Inc.
Capital Investment Group, Inc.
CUSO Financial Services, Inc.
Ameritas Investment Corporation
Capital One Investment Services, LLC
Cutter & Company
Arete Wealth Management, LLC
Capital Resource Management
D.A. Davidson & Company
Arque Capital, Ltd.
Capital Synergy Partners, Inc.
D.H. Hill Securities, LLP
Arvest Asset Management
Capitol Securities Management, Inc.
Davenport & Company, LLC
Associated Investment Services
Carey, Thomas, Hoover, & Breault, Inc.
Davinci Capital Management Inc.
Aurora Capital, LLC
Cary Street Partners, LLC
Dempsey Lord Smith, LLC
Ausdal Financial Partners, Inc.
CCF Investments, Inc.
Despain Financial Corporation
Aveo Capital Partners, LLC
CCO Investment Services Corporation
DFPG Investments
AXA Advisors, LLC
Centaurus Financial, Inc.
Dominion Investor Services
B. B. Graham & Company, Inc.
Centennial Securities Company, Inc.
Doughtery & Company, Inc.
B.C. Ziegler & Company
Center Street Securities, Inc.
Duncan Williams, Inc.
BA Financial Services, Inc.
Century Securities & Associates, Inc.
EDI Financial Inc.
BancWest Investment Services, Inc.
Ceros Financial Services, Inc.
Edward Jones & Company
Bankers & Investors Company
Cetera
Equable Securities Corporation
Bannon, Ohanesian & Lecours, Inc.
Cetera Advisor Networks, LLC
Equity Services, Inc.
BB&T Securities, LLC
Cetera Advisors, LLC
Essex National Securities, Inc.
BBVA Compass Investment Solutions Inc.
Cetera Financial Specialists, LLC
Everest Investment Advisors, Inc.
BCG Securities, Inc.
Cetera Investment Advisers, LLC
Fairport Capital, Inc.
BD Financial
Cetera Investment Services, LLC
FBT Investments, Inc.
Beaconsfield Financial Services
CFD Investments, Inc.
Feltl and Company
Beneficial Investment Services
CFS Investments, Inc.
Fifth Third Securities
Benjamin F Edwards & Company
Chelsea Financial Services
Financial Planning Consultants
Berthel, Fisher & Company Financial Services
CitiGroup Global Markets Inc.
Financial West Investment Group
BFC Planning, Inc.
Citizens Investment Services
Fintegra Financial Solutions
BFT Financial Group, LLC
CL Wealth Management, LLC
First Allied Securities, Inc.
BHF RG Capital, Inc.
Client One Securities, LLC
First American Securities
BMO Harris Financial Advisors, Inc.
Coastal Equities, Inc.
First Citizens Investor Services

B-1



First Financial Equity Corporation
IBN Financial Services, Inc.
Long Island Financial Group, Inc.
First Heartland Capital, Inc.
IFS Securities
Lowell & Company
First Independent Advisory Services, Inc.
IMS Securities, Inc.
LPL Financial Services
First Midwest Securities
Independence Capital Company
Lucia Securities, LLC
First National Capital Markets
Independent Financial Group, LLC
M Griffith Investment Services
First Republic Securities Company
Infinex Investments, Inc.
M. Holdings Securities, Inc.
First State Financial
Infinity Securities, Inc.
M&T Securities, Inc.
First Western Securities, Inc.
ING/Voya Financial Advisors, LLC
Madison Avenue Securities, Inc.
FirstMerit Financial Services, Inc.
Innovation Partners, LLC
McNally Financial Services Corp
Folger Nolan Fleming Douglas
Insight Securities
Means Investment Company, Inc.
Foothill Securities, Inc.
Institutional Securities Corporation
Mercap Securities, LLC
Foresters Equity Services Inc.
International Assets Advisory, LLC
Mercer Allied Company, LP
Fortune Financial Services, Inc.
Intervest International, Inc.
Merrill Lynch
Founders Financial Securities, LLC
INVEST Financial Corporation
MetLife Securities, Inc.
Fountainhead Capital Management
Investacorp, Inc.
Michigan Securities, Inc.
Freedom Investors Corporation
Investment Centers of America, Inc.
Mid Atlantic Capital Corporation
Freedom Wealth Advisors, LLC
Investment Network, Inc.
Mid-Atlantic Securities Inc.
FSC Securities Corporation
Investment Planners, Inc.
Millington Investments, LLC
FTB Advisors, Inc.
Investment Professional, Inc.
Ministry Partners Securities, LLC
Fusion Investment Advisors, LLC
Investors Capital Corporation
Mischler Financial Group, Inc.
G F Investment Services
J P Turner & Company, LLC
MML Investors Services, LLC
G.W. Sherwold Associates Inc.
J. Alden Associates, Inc.
Moloney Securities Company, Inc.
G.A. Repple and Company
J.W. Cole Financial, Inc.
Money Concepts Capital Corp
Garden State Securities
James T Borello & Company
Moors & Cabot, Inc.
Geneos Wealth Management, Inc.
Janney, Montgomery Scott, LLC
Morgan Stanley Smith Barney LLC
Girard Securities, Inc.
JHS Capital Advisors Inc.
Mutual of Omaha Investor Services, Inc.
Global Brokerage Services, Inc.
JJB Hilliard WL Lyons, LLC
Mutual Securities, Inc.
Global View Capital Management
JW Cole Financial, Inc.
Mutual Trust Company of America Securities
GLP Investment Services, LLC
K.W. Chambers & Company
MWA Financial Services, Inc.
Gold Coast Securities, Inc.
Kalos Capital, Inc.
National Planning Corporation
Gradient Securities, LLC
KCD Financial, Inc.
National Securities Corporation
Great American Investors, Inc.
Key Investment Services
Nations Financial Group, Inc.
GWN Securities, Inc.
Keystone Capital Corporation
Nationwide Planning Associates
H Beck, Inc.
KMS Financial Services Inc
Nationwide Securities, LLC
H.D. Vest Investment Securities, Inc.
Kovack Securities, Inc.
Navy Federal Brokerage Services, LLC
Hancock Investment Services, LLC
L.M. Kohn & Company, Inc.
NBC Securities, Inc.
Hantz Financial Services
L.O. Thomas & Co., Inc.
Neidiger, Tucker, Bruner, Inc.
Harbor Financial Services, LLC
Labrunerie Financial
New Century Financial Group, LLC
Harbour Investments, Inc.
Lara, Shull and May, LLC
New England Securities Corporation
Harger and Company, Inc.
Larson Financial Securities
Newbridge Securities Corporation
Harvest Capital, LLC
Lasalle St. Securities, LLC
Next Financial Group, Inc.
Hazard & Siegel, Inc.
Legend Equities Corporation
NFP Securities, Inc.
Hazlett Burt & Watson
Leigh Baldwin & Company
NIA Securities
HBW Securities, LLC
Liberty Partners Financial Services, LLC
North Ridge Securities Corporation
Heartland Investment Associates, Inc.
Lifemark Securities Corporation
Northeast Securities, Inc.
Hefren-Tillotson, Inc.
Lincoln Financial Advisors Corporation
Northridge Securities
Hornor, Townsend & Kent, Inc.
Lincoln Financial Securities Corporation
NorthStar Wealth Management, Inc.
HSBC Securities
Lincoln Investment Planning Inc.
Northwestern Mutual Investment Services, LLC
Huntleigh Securities Corporation
Lombard Securities
NOVA Financial, LLC


B-2


NPB Financial Group, LLC
Securities America, Inc.
United Planners Financial Services of America
NYLife Securities, Inc.
Securities Equity Group
U.S. Bancorp Investments, Inc.
Oak Tree Securities, Inc.
Securities Management & Research, Inc.
USA Financial Securities Corporation
OFG Financial Services, Inc.
Securities Service Network Inc.
Valic Financial Advisors, Inc.
Ohanesian & Lecours, Inc.
Sequoia Wealth Management
ValMark Securities, Inc.
OneAmerica Securities, Inc.
Shearson Financial Services
Vanderbilt Securities, LLC
Oppenheimer & Company, Inc.
Sigma Financial Corporation
VSR Financial Services, Inc.
Pacific American Securities, LLC
Signator Financial Services, Inc.
Waddell & Reed, Inc.
Packerland Brokerage Services
Signator Investors, Inc.
Wall Street Financial Group
Paradigm Equities, Inc.
Signature Financial Group
Wayne Hummer Investments, LLC
Park Avenue Securities, LLC
SII Investments, Inc.
Wealth Management Resources, Inc.
Parkland Securities, LLC
Silver Oak Securities
Wedbush Securities Inc.
Parsonex Securities, LLC
Sorrento Pacific Financial, LLC
Wellington Shields & Company, LLC
Peak Brokerage Services
Southeast Investments, N.C., Inc.
Wells Fargo Advisors, LLC
Peoples Securities, Inc.
Southwest Securities, Inc.
Wesbanco Securities, Inc.
PFA Security Asset Management Inc.
St. Bernard Financial Services, Inc.
Wescom Financial Services, LLC
PlanMember Securities Corporation
Stephens, Inc.
Western Equity Group
PNC Investments, LLC
Sterne Agee Financial Services, Inc.
Western International Securities Inc.
Presidential Brokerage, Inc.
Sterne, Agee & Leach, Inc.
WFG Investments, Inc.
Princor Financial Services
Stifel Nicolaus & Company, Inc.
Wilbanks Securities, Inc.
Private Advisor Group, LLC
Summit Brokerage Services, Inc.
William C. Burnside & Co., Inc.
Private Client Services, LLC
Summit Equities, Inc.
Williams Financial Group
Pro Equities, Inc.
Sunset Financial Services, Inc.
Windmill Group
Prospera Financial Services Inc.
SunTrust Investment Services, Inc.
Winslow, Evans, & Crocker, Inc.
Pruco Securities, LLC
SWBC Investment Services
Woodbury Financial Services, Inc.
PTS Brokerage LLC
SWS Financial Services, Inc.
Woodmen Financial Services, Inc.
Purshe Kaplan Sterling Investments
Symphonic Securities, LLC
World Capital Brokerage, Inc.
Questar Capital Corporation
Synovus Securities, Inc.
World Choice Securities, Inc.
Raymond James & Associates, Inc.
T.S. Phillips Investments, Inc.
World Equity Group, Inc.
RBC Capital Markets Corporation
Tandem Securities, Inc.
Worth Financial Group, Inc.
RBC Dain Rauscher, Inc.
TFS Securities, Inc.
Wunderlich Securities, Inc.
Regulus Advisors, LLC
The Huntington Investment Company
WWK Investments, Inc.
Rendler Sales Consulting, LLC
The Investment Center, Inc.
 
Rhodes Securities, Inc.
The Leaders Group, Inc.
 
Ridgeway & Conger, Inc.
The O.N. Equity Sales Company
 
RNR Securities, LLC
The Patriot Financial Group
 
Robert W. Baird & Company, Inc.
The Strategic Financial Alliance, Inc.
 
Rogan and Associates
Thrivent Financial
 
Royal Alliance Associates Inc
Thurston, Springer, Miller, Herd and Titak, Inc.
 
Royal Securities Company
Titlelist Asset Management, Ltd.
 
RSG Capital Corporation
Transamerica Financial Advisors, Inc.
 
S.G. Long & Company
Triad Advisors, Inc.
 
Sage Rutty and Company, Inc.
Trustmont Financial Group, Inc.
 
Sagepoint Financial, Inc.
UBS Financial Services, Inc.
 
Sandlapper Securities, LLC
Uhlmann Price Securities
 
Santander Securities, LLC
UMB Financial Services, Inc.
 
Saxony Securities, Inc.
Umpqua Investments, Inc.
 
SCF Securities, Inc.
UnionBanc Investment Services, LLC
 
Securian Financial Services, Inc.
United Brokerage Services, Inc.
 

B-3


Questions: If you have any questions about your Contract, you may contact us at:
Annuity Service Center:
1 (800) 644-4565 (8 a.m. - 8 p.m. ET)
 
Mail Address:
P.O. Box 30314, Lansing, Michigan 48909-7814
 
Delivery Address:
1 Corporate Way, Lansing, Michigan 48951
Institutional Marketing Group
Service Center:
(for Contracts purchased through a bank
or another financial institution)
1 (800) 777-7779 (8 a.m. - 8 p.m. ET)
 
Mail Address:
P.O. Box 30386, Lansing, Michigan 48909-7886
 
Delivery Address:
1 Corporate Way, Lansing, Michigan 48951
Attn: IMG
Home Office:
1 Corporate Way, Lansing, Michigan 48951

STATEMENT OF ADDITIONAL INFORMATION


December 20 , 2016



ELITE ACCESS ADVISORYSM 
FLEXIBLE PREMIUM VARIABLE DEFERRED ANNUITY

Issued by
Jackson National Life Insurance Company® through
Jackson National Separate Account - I



This Statement of Additional Information (SAI) is not a prospectus. It contains information in addition to and more detailed than set forth in the Prospectus and should be read in conjunction with the Prospectus dated December 20 , 2016. The Prospectus may be obtained from Jackson National Life Insurance Company by writing P.O. Box 30314, Lansing, Michigan 48909-7814, or calling 1-800-644-4565.



TABLE OF CONTENTS
 
Page
General Information and History
2
Services
8
Purchase of Securities Being Offered
9
Underwriters
9
Calculation of Performance
9
Additional Tax Information
11
Annuity Provisions
19
Net Investment Factor
20
Financial Statements of the Separate Account
Appendix A
Financial Statements of Jackson
Appendix B


1

General Information and History

Jackson National Separate Account - I (Separate Account) is a separate investment account of Jackson National Life Insurance Company (Jackson®). Jackson is a wholly owned subsidiary of Brooke Life Insurance Company and is ultimately a wholly owned subsidiary of Prudential plc, London, England, a publicly traded life insurance company in the United Kingdom.

Trademarks, Service Marks, and Related Disclosures
The “S&P 500 Index,” “S&P MidCap 400 Index,” “S&P SmallCap 600 Index,” “Dow Jones Industrial Average,” and “Dow Jones Brookfield Global Infrastructure Index,” “STANDARD & POOR’S®,” “S&P®,” “S&P 500®,” “S&P MIDCAP 400 Index®,” “STANDARD & POOR’S MIDCAP 400 Index®,” “S&P SmallCap 600 Index®” and “STANDARD & POOR’S 500®” (collectively, the “Indices”) are products of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by Jackson National Life Insurance Company (“Jackson”). “Dow Jones®”, “Dow Jones Industrial Average”, “DJIA®”, and “The Dow®” are service and/or trademarks of Dow Jones Trademark Holdings, LLC (“Dow Jones”) and have been licensed to SPDJI and have been sub-licensed for use for certain purposes by Jackson National Life Insurance Company® (“Jackson”).

The Dow Jones Brookfield Global Infrastructure Index is calculated by SPDJI pursuant to an agreement with Brookfield Redding, Inc. (together with its affiliates, “Brookfield”) and has been licensed for use. Standard & Poor’s®, S&P® and S&P 500®, S&P MidCap 400® and S&P SmallCap 600® are registered trademarks of Standard & Poor’s Financial Services LLC; Dow Jones U.S. Contrarian Opportunities Index is a service mark of Dow Jones; Brookfield® is a registered trademark of Brookfield Asset Management, Inc.; and the foregoing trademarks have been licensed by SPDJI for use.

The JNL/Mellon Capital S&P® SMid 60 Fund, JNL/Mellon Capital S&P 500 Index Fund, JNL/Mellon Capital S&P 400 MidCap Index Fund, and the JNL/Brookfield Global Infrastructure and MLP Fund (collectively, the “Products”) are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, Standard & Poor’s Financial Services LLC, Brookfield or any of their respective affiliates (collectively, “S&P Dow Jones Indices”).

S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Products or any member of the public regarding the advisability of investing in securities generally or in the Products particularly or the ability of the Indices to track general market performance. S&P Dow Jones Indices’ only relationship to Jackson with respect to the Indices or the Products is the licensing of the Indices and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Indices are determined, composed and calculated by S&P Dow Jones Indices without regard to Jackson or the Products. S&P Dow Jones Indices have no obligation to take the needs of Jackson or the owners of the Products into consideration in determining, composing or calculating the Indices. S&P Dow Jones Indices are not responsible for and have not participated in the determination of the prices, and amount of the Products or the timing of the issuance or sale of the Products in the determination or calculation of the equation by which the Products are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices have no obligation or liability in connection with the administration, marketing or trading of the Products. There is no assurance that investment products based on the Indices will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice. Notwithstanding the foregoing, CME Group Inc. and its affiliates may independently issue and/or sponsor financial products unrelated to Products currently being issued by Jackson, but which may be similar to and competitive with Products. In addition, CME Group Inc. and its affiliates may trade financial products which are linked to the performance of the Index.

S&P DOW JONES INDICES DO NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDICES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC

2

COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS IN CALCULATING THE INDICES. S&P DOW JONES INDICES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY JACKSON OR OWNERS OF THE PRODUCTS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDICES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND JACKSON, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

SPDR® is a registered trademark of Standard & Poor’s Financial Services LLC. S&P Capital IQ is a trademark of Standard & Poor's Financial Services LLC.

The following applies to the JNL/S&P Competitive Advantage Fund, JNL/S&P Dividend Income & Growth Fund, JNL/S&P Total Yield Fund, JNL/S&P Intrinsic Value Fund, JNL/S&P International 5 Fund, JNL/S&P Mid 3 Fund and JNL/S&P 4 Fund.

Standard & Poor’s Investment Advisory Services LLC (“SPIAS”) is a registered investment advisor with the U.S. Securities and Exchange Commission and a wholly owned subsidiary of McGraw-Hill Financial, Inc. SPIAS does not provide advice to underlying clients of the firms to which it provides services. SPIAS does not act as a “fiduciary” or as an “investment manager,” as defined under ERISA, to any investor. SPIAS is not responsible for client suitability.

Programs and products of the firms to which SPIAS provides services are not endorsed, sold or promoted by SPIAS and its affiliates, and SPIAS and its affiliates make no representation regarding the advisability of investing in those programs and products. With respect to the asset allocations and investments recommended by SPIAS, investors should realize that such investment recommendations are provided to Jackson National Asset Management, LLC only as a general recommendation. The underlying funds of the JNL/S&P 4 Fund are co-sub-advised by SPIAS. SPIAS does not co-sub-advise the JNL/S&P 4 Fund. There is no agreement or understanding whatsoever that SPIAS will provide individualized advice to any investor. SPIAS does not take into account any information about any investor or any investor’s assets when providing investment advisory services to firms to which SPIAS provides services. SPIAS does not have any discretionary authority or control with respect to purchasing or selling securities or making other investments. Individual investors should ultimately rely on their own judgment and/or the judgment of a representative in making their investment decisions.

Standard & Poor’s Financial Services LLC, SPIAS, and their affiliates (collectively S&P), and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively with S&P, S&P Parties) do not guarantee the accuracy, completeness, adequacy or timeliness of any information, including ratings and valuations, and are not responsible for errors and omissions, or for the results obtained from the use of such information, and S&P Parties shall have no liability for any errors, omission, or interruptions therein (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such information. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the information contained in this document even if advised of the possibility of such damages.

S&P’s credit ratings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. S&P credit ratings should not be relied on when making any investment or other business decision. S&P’s opinions and analyses do not

3

address the suitability of any security. S&P does not act as a fiduciary or an investment advisor, except where registered as such. While S&P has obtained information from sources they believe to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P publications and third party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.

Based on a universe of funds provided to SPIAS, SPIAS may recommend for investment certain funds to which S&P licenses certain intellectual property or otherwise has a financial interest, including exchange-traded funds whose investment objective is to substantially replicate the returns of a proprietary index of S&P Dow Jones Indices, such as the S&P 500. SPIAS recommends these funds for investment based on asset allocation, sector representation, liquidity and other factors; however, SPIAS has a potential conflict of interest with respect to the inclusion of these funds. In cases where S&P is paid fees that are tied to the amount of assets that are invested in the fund, investment in the fund will generally result in S&P earning compensation in addition to the fees received by SPIAS in connection with its provision of services. In certain cases there may be alternative funds that are available for investment that will provide investors substantially similar exposure to the asset class or sector.

S&P provides a wide range of services to, or relating to, many organizations, including issuers of securities, investment advisers, broker-dealers, investment banks, other financial institutions and financial intermediaries, and accordingly may receive fees or other economic benefits from those organizations, including organizations whose securities or services they may recommend, rate, include in model portfolios, evaluate or otherwise address.

SPIAS may consider research and other information from affiliates in making its investment recommendations. The investment policies of certain portfolios specifically state that among the information SPIAS will consider in evaluating a security are the credit ratings assigned by S&P. SPIAS does not consider the ratings assigned by other credit rating agencies. Credit rating criteria and scales may differ among credit rating agencies. Ratings assigned by other credit rating agencies may reflect more or less favorable opinions of creditworthiness than ratings assigned by S&P.

The Funds are not sponsored, endorsed, sold or promoted by S&P and its affiliates and S&P and its affiliates make no representation regarding the advisability of investing in the Funds.

Goldman Sachs is a registered service mark of Goldman, Sachs & Co.

DoubleLine is a registered service mark of DoubleLine Capital LP.

The Product(s) is not sponsored, endorsed, sold or promoted by The Nasdaq Stock Market, Inc. (including its affiliates) (Nasdaq, with its affiliates, are referred to as the Corporations). The Corporations have not passed on the legality or suitability of or the accuracy or adequacy of descriptions and disclosures relating to the Product(s). The Corporations make no representation or warranty, express or implied to the Owners of the Product(s) or any member of the public

4

regarding the advisability of investing in securities generally or in the Product(s) particularly, or the ability of the Nasdaq-100 Index® to track general stock market performance. The Corporations’ only relationship to Jackson (Licensee) is in the licensing of the Nasdaq-100®, Nasdaq-100 Index® and Nasdaq® trademarks or service marks, and certain trade names of the Corporations and the use of the Nasdaq-100 Index® which is determined, composed and calculated by Nasdaq without regard to Licensee or the Product(s). Nasdaq has no obligation to take the needs of the Licensee or the Owners of the Product(s) into consideration in determining, composing or calculating the Nasdaq-100 Index®. The Corporations are not responsible for and have not participated in the determination of the timing of, prices at or quantities of the Product(s) to be issued or in the determination or calculation of the equation by which the Product(s) is to be converted into cash. The Corporations have no liability in connection with the administration, marketing or trading of the Product(s).

THE CORPORATIONS DO NOT GUARANTEE THE ACCURACY AND/OR UNINTERRUPTED CALCULATION OF THE NASDAQ-100® OR ANY DATA INCLUDED THEREIN. THE CORPORATIONS MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE PRODUCT(S) OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE NASDAQ-100 INDEX® OR ANY DATA INCLUDED THEREIN. THE CORPORATIONS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM AL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE NASDAQ-100® OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE CORPORATIONS HAVE ANY LIABILITY FOR ANY LOST PROFITS OR SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL DAMAGES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

“The Nasdaq-100®,” “Nasdaq-100 Index®,” “Nasdaq Stock Market®” and “Nasdaq®” are trade or service marks of The Nasdaq, Inc. (which with its affiliates are the “Corporations”) and have been licensed for use by Jackson. The Corporations have not passed on the legality or suitability of the JNL/Mellon Capital Nasdaq® 100 Fund. The JNL/Mellon Capital Nasdaq® 100 Fund is not issued, endorsed, sponsored, managed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE JNL/MELLON CAPITAL NASDAQ® 100 FUND.

Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell is a trademark of Russell Investment Group.

JNL/Mellon Capital Small Cap Index Fund is not promoted, sponsored or endorsed by, nor in any way affiliated with Russell Investment Group ("Russell"). Russell is not responsible for and has not reviewed JNL/Mellon Capital Small Cap Index Fund nor any associated literature or publications and Russell makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.

Russell reserves the right, at any time and without notice, to alter, amend, terminate or in any way change the Russell Indexes. Russell has no obligation to take the needs of any particular fund or its participants or any other product or person into consideration in determining, composing or calculating any of the Russell Indexes.

Russell's publication of the Russell Indexes in no way suggests or implies an opinion by Russell as to the attractiveness or appropriateness of investment in any or all securities upon which the Russell Indexes are based. RUSSELL MAKES NO REPRESENTATION, WARRANTY, OR GUARANTEE AS TO THE ACCURACY COMPLETENESS, RELIABILITY, OR OTHERWISE OF THE RUSSELL INDEXES. RUSSELL MAKES NO REPRESENTATION, WARRANTY OR GUARANTEE REGARDING THE USE, OR THE RESULTS OF USE, OF THE RUSSELL INDEXES OR ANY DATA INCLUDED THEREIN, OR ANY SECURITY (OR COMBINATION THEREOF) COMPRISING THE RUSSELL INDEXES. RUSSELL MAKES NO OTHER EXPRESS OR IMPLIED WARRANTY, AND EXPRESSLY DISCLAIMS ANY WARRANTY, OF ANY KIND, INCLUDING WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTIBILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE RUSSELL INDEX(ES) OR ANY DATA OR ANY SECURITY (OR COMBINATION THEREOF) INCLUDED THEREIN.


5

THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND ARE NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. (“MSCI”), ANY OF ITS AFFILIATES, ANY OF ITS INFORMATION PROVIDERS OR ANY OTHER THIRD PARTY INVOLVED IN, OR RELATED TO, COMPILING, COMPUTING OR CREATING ANY MSCI INDEX (COLLECTIVELY, THE “MSCI PARTIES”). THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES ARE SERVICE MARK(S) OF MSCI OR ITS AFFILIATES AND HAVE BEEN LICENSED FOR USE FOR CERTAIN PURPOSES BY JACKSON NATIONAL ASSET MANAGEMENT, LLC. NONE OF THE MSCI PARTIES MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE ISSUER OR OWNERS OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND OR ANY OTHER PERSON OR ENTITY REGARDING THE ADVISABILITY OF INVESTING IN FUNDS GENERALLY OR IN THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND PARTICULARLY OR THE ABILITY OF ANY MSCI INDEX TO TRACK CORRESPONDING STOCK MARKET PERFORMANCE. MSCI OR ITS AFFILIATES ARE THE LICENSORS OF CERTAIN TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDEXES WHICH ARE DETERMINED, COMPOSED AND CALCULATED BY MSCI WITHOUT REGARD TO THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND OR THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND OR THE ISSUER OR OWNERS OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND OR ANY OTHER PERSON OR ENTITY. NONE OF THE MSCI PARTIES HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUER OR OWNERS OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND OR ANY OTHER PERSON OR ENTITY INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE MSCI INDEXES. NONE OF THE MSCI PARTIES IS RESPONSIBLE FOR OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND TO BE ISSUED OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY OR THE CONSIDERATION INTO WHICH THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX

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FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND IS REDEEMABLE. FURTHER, NONE OF THE MSCI PARTIES HAS ANY OBLIGATION OR LIABILITY TO THE ISSUER OR OWNERS OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND OR ANY OTHER PERSON OR ENTITY IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR OFFERING OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND.

ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES THAT MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND, OWNERS OF THE JNL/MELLON CAPITAL INTERNATIONAL INDEX FUND, THE JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND, THE JNL/MELLON CAPITAL UTILITIES SECTOR FUND, THE JNL/MELLON CAPITAL COMMUNICATIONS SECTOR FUND, THE JNL/MELLON CAPITAL CONSUMER BRANDS SECTOR FUND, THE JNL/MELLON CAPITAL FINANCIAL SECTOR FUND, THE JNL/MELLON CAPITAL HEALTHCARE SECTOR FUND, THE JNL/MELLON CAPITAL OIL & GAS SECTOR FUND OR THE JNL/MELLON CAPITAL TECHNOLOGY SECTOR FUND, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

Barclays Capital Inc. and its affiliates (“Barclays”) is not the issuer or producer of JNL/DoubleLine® Shiller Enhanced CAPE® Fund and Barclays has no responsibilities, obligations or duties to investors in JNL/DoubleLine® Shiller Enhanced CAPE® Fund. The Shiller Barclays CAPE™ US Sector ER USD Index is a trademark owned by Barclays Bank PLC and licensed for use by JNL Series Trust (“JNLST”) as the Issuer of JNL/DoubleLine® Shiller Enhanced CAPE® Fund. Barclays only relationship with the Issuer in respect of Shiller Barclays CAPE™ US Sector ER USD Index is the licensing of the Shiller Barclays CAPE™ US Sector ER USD Index which is determined, composed and calculated by Barclays without regard to the Issuer or the JNL/DoubleLine® Shiller Enhanced CAPE® Fund or the

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owners of the JNL/DoubleLine® Shiller Enhanced CAPE® Fund. Additionally, JNLST or JNL/DoubleLine® Shiller Enhanced CAPE® Fund may for itself execute transaction(s) with Barclays in or relating to the Shiller Barclays CAPE™ US Sector ER USD Index in connection with JNL/DoubleLine® Shiller Enhanced CAPE® Fund investors acquire JNL/DoubleLine® Shiller Enhanced CAPE® Fund from JNLST and investors neither acquire any interest in Shiller Barclays CAPE™ US Sector ER USD Index nor enter into any relationship of any kind whatsoever with Barclays upon making an investment in JNL/DoubleLine® Shiller Enhanced CAPE® Fund. The JNL/DoubleLine® Shiller Enhanced CAPE® Fund is not sponsored, endorsed, sold or promoted by Barclays. Barclays does not make any representation or warranty, express or implied regarding the advisability of investing in the JNL/DoubleLine® Shiller Enhanced CAPE® Fund or the advisability of investing in securities generally or the ability of the Shiller Barclays CAPE™ US Sector ER USD Index to track corresponding or relative market performance.  Barclays has not passed on the legality or suitability of the JNL/DoubleLine® Shiller Enhanced CAPE® Fund with respect to any person or entity. Barclays is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the JNL/DoubleLine® Shiller Enhanced CAPE® Fund to be issued.  Barclays has no obligation to take the needs of the Issuer or the owners of the JNL/DoubleLine® Shiller Enhanced CAPE® Fund or any other third party into consideration in determining, composing or calculating the Shiller Barclays CAPE™ US Sector ER USD Index Barclays has no obligation or liability in connection with administration, marketing or trading of the JNL/DoubleLine® Shiller Enhanced CAPE® Fund.

The licensing agreement between JNLST and Barclays is solely for the benefit of JNLST and Barclays and not for the benefit of the owners of the JNL/DoubleLine® Shiller Enhanced CAPE® Fund, investors or other third parties.

BARCLAYS SHALL HAVE NO LIABILITY TO THE ISSUER, INVESTORS OR TO OTHER THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE Shiller Barclays CAPE™ US Sector ER USD Index OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE Shiller Barclays CAPE™ US Sector ER USD Index. BARCLAYS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER, THE INVESTORS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE Shiller Barclays CAPE™ US Sector ER USD Index OR ANY DATA INCLUDED THEREIN.  BARCLAYS MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE Shiller Barclays CAPE™ US Sector ER USD Index OR ANY DATA INCLUDED THEREIN. BARCLAYS RESERVES THE RIGHT TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR PUBLICATION OF THE Shiller Barclays CAPETM US Sector ER USD Index, AND BARCLAYS SHALL NOT BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR INTERRUPTED PUBLICATION WITH RESPECT TO ANY OF THE Shiller Barclays CAPE™ US Sector ER USD Index BARCLAYS SHALL NOT BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS AND EVEN IF ADVISED OF THE POSSIBILITY OF SUCH, RESULTING FROM THE USE OF THE Shiller Barclays CAPE™ US Sector ER USD Index OR ANY DATA INCLUDED THEREIN OR WITH RESPECT TO THE JNL/DOUBLELINE SHILLER ENHANCED CAPE FUND.

None of the information supplied by Barclays Bank PLC and used in this publication may be reproduced in any manner without the prior written permission of Barclays Capital, the investment banking division of Barclays Bank PLC. Barclays Bank PLC is registered in England No. 1026167. Registered office 1 Churchill Place London E l 4 5HP.

Services

Jackson keeps the assets of the Separate Account. Jackson holds all cash of the Separate Account and attends to the collection of proceeds of shares of the underlying Funds bought and sold by the Separate Account.

The financial statements of each Investment Division within Jackson National Separate Account - I and Jackson National Life Insurance Company for the periods indicated have been included herein in reliance upon the reports of KPMG LLP , an independent registered public accounting firm, appearing elsewhere herein, and upon the a

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uthority of said firm as experts in accounting and auditing. KPMG LLP is located at Aon Center, 200 East Randolph Drive, Suite 5500, Chicago, Illinois 60601 .

Jackson is the parent of Jackson National Asset Management, LLC (“JNAM”), the Funds’ investment adviser and administrator. Pursuant to an agreement between Jackson and JNAM, JNAM provides certain administrative services with respect to the Separate Account, including separate account administration services and financial and accounting services. For the past three years, Jackson paid $520,500 in 2013, $391,000 in 2014, and $410,087 in 2015 for the services provided by JNAM to Jackson.

Purchase of Securities Being Offered

The Contracts will be sold by licensed insurance agents in states where the Contracts may be lawfully sold. The agents will be registered representatives of broker-dealers that are registered under the Securities Exchange Act of 1934 and members of the Financial Industry Regulatory Authority (FINRA).

Underwriters

The Contracts are offered continuously and are distributed by Jackson National Life Distributors LLC (JNLD), 7601 Technology Way, Denver, Colorado 80237. JNLD is a subsidiary of Jackson.

No commissions are paid to broker/dealers selling the contracts.

Calculation of Performance

When Jackson advertises performance for an Investment Division (except the JNL/WMC Money Market Division), we will include quotations of standardized average annual total return to facilitate comparison with standardized average annual total return advertised by other variable annuity separate accounts. Standardized average annual total return for an Investment Division will be shown for periods beginning on the date the Investment Division first invested in the corresponding Funds. We will calculate standardized average annual total return according to the standard methods prescribed by rules of the Securities and Exchange Commission.

Standardized average annual total return for a specific period is calculated by taking a hypothetical $1,000 investment in an Investment Division at the offering on the first day of the period ("initial investment") and computing the average annual compounded rate of return for the period that would equate the initial investment with the ending redeemable value ("redeemable value") of that investment at the end of the period, carried to at least the nearest hundredth of a percent. Standardized average annual total return reflects the deduction of all recurring charges that are charged to all Contracts. The redeemable value also reflects the effect of any applicable withdrawal charge or other charge that may be imposed at the end of the period. No deduction is made for premium taxes that may be assessed by certain states.

Jackson may also advertise non-standardized total return on an annualized and cumulative basis. Non-standardized total return may be for periods other than those required to be presented or may otherwise differ from standardized average annual total return. The Contract is designed for long-term investment; therefore, Jackson believes that non-standardized total return that does not reflect the deduction of any applicable withdrawal charge may be useful to investors. Reflecting the deduction of the withdrawal charge decreases the level of performance advertised. Non-standardized total return may also assume a larger initial investment that more closely approximates the size of a typical Contract.

Standardized average annual total return quotations will be current to the last day of the calendar quarter preceding the date on which an advertisement is submitted for publication. Both standardized average annual total return quotations and non-standardized total return quotations will be based on rolling calendar quarters and will cover at least periods of one, five, and ten years, or a period covering the time the Investment Division has been in existence, if it has not been in existence for one of the prescribed periods.

Quotations of standardized average annual total return and non-standardized total return are based upon historical earnings and will fluctuate. Any quotation of performance should not be considered a guarantee of future performance. Factors affecting the performance of an Investment Division and its corresponding Fund include general market conditions, operating expenses and investment management. An owner's withdrawal value upon surrender of a Contract may be more or less than its original cost.

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Jackson may advertise the current annualized yield for a 30-day period for an Investment Division. The annualized yield of an Investment Division refers to the income generated by the Investment Division over a specified 30-day period. Because this yield is annualized, the yield generated by an Investment Division during the 30-day period is assumed to be generated each 30-day period. The yield is computed by dividing the net investment income per accumulation unit earned during the period by the price per unit on the last day of the period, according to the following formula:

saigraphic.jpg

Where:

a
=
net investment income earned during the period by the Fund attributable to shares owned by the Investment Division.
b
=
expenses for the Investment Division accrued for the period (net of reimbursements).
c
=
the average daily number of accumulation units outstanding during the period.
d
=
the maximum offering price per accumulation unit on the last day of the period.

Net investment income will be determined in accordance with rules established by the Securities and Exchange Commission. Accrued expenses will include all recurring fees that are charged to all Contracts.

Because of the charges and deductions imposed by the Separate Account, the yield for an Investment Division will be lower than the yield for the corresponding Funds. The yield on amounts held in the Investment Division normally will fluctuate over time. Therefore, the disclosed yield for any given period is not an indication or representation of future yields or rates of return. An Investment Division's actual yield will be affected by the types and quality of portfolio securities held by the Fund and the Fund operating expenses.

Any current yield quotations of the JNL/WMC Money Market Division will consist of a seven calendar day historical yield, carried at least to the nearest hundredth of a percent. We may advertise yield for the Division based on different time periods, but we will accompany it with a yield quotation based on a seven calendar day period. The JNL/WMC Money Market Division's yield will be calculated by determining the net change, exclusive of capital changes, in the value of a hypothetical pre-existing account having a balance of one accumulation unit at the beginning of the base period, subtracting a hypothetical charge reflecting deductions from Contracts, and dividing the net change in account value by the value of the account at the beginning of the period to obtain a base period return and multiplying the base period return by (365/7). The JNL/WMC Money Market Division's effective yield is computed similarly but includes the effect of assumed compounding on an annualized basis of the current yield quotations of the Division.

The JNL/WMC Money Market Division's yield and effective yield will fluctuate daily. Actual yields will depend on factors such as the type of instruments in the Fund's portfolio, portfolio quality and average maturity, changes in interest rates, and the Fund's expenses. Although the Investment Division determines its yield on the basis of a seven calendar day period, it may use a different time period on occasion. The yield quotes may reflect the expense limitations described in the Fund's Prospectus or Statement of Additional Information. There is no assurance that the yields quoted on any given occasion will be maintained for any period of time and there is no guarantee that the net asset values will remain constant. It should be noted that neither a Contract owner's investment in the JNL/WMC Money Market Division nor that Division's investment in the JNL/WMC Money Market Division is guaranteed or insured. Yields of other money market Funds may not be comparable if a different base or another method of calculation is used.

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Additional Tax Information

NOTE: INFORMATION CONTAINED HEREIN SHOULD NOT BE SUBSTITUTED FOR THE ADVICE OF A PERSONAL TAX ADVISER. JACKSON DOES NOT MAKE ANY GUARANTEE REGARDING THE TAX STATUS OF ANY CONTRACT OR ANY TRANSACTION INVOLVING THE CONTRACTS. PURCHASERS BEAR THE COMPLETE RISK THAT THE CONTRACTS MAY NOT BE TREATED AS "ANNUITY CONTRACTS" UNDER FEDERAL INCOME TAX LAWS. IT SHOULD BE FURTHER UNDERSTOOD THAT THE FOLLOWING DISCUSSION IS NOT EXHAUSTIVE AND THAT OTHER SPECIAL RULES MAY BE APPLICABLE IN CERTAIN SITUATIONS. MOREOVER, NO ATTEMPT HAS BEEN MADE TO CONSIDER ANY APPLICABLE STATE OR OTHER TAX LAWS OR TO COMPARE THE TAX TREATMENT OF THE CONTRACTS TO THE TAX TREATMENT OF ANY OTHER INVESTMENT.

Jackson's Tax Status

Jackson is taxed as a life insurance company under the Internal Revenue Code of 1986, as amended (the "Code"). For federal income tax purposes, the Separate Account is not a separate entity from Jackson and its operations form a part of Jackson.

Taxation of Annuity Contracts in General

Section 72 of the Code governs the taxation of annuities in general. An individual owner is not taxed on increases in the value of a Contract until distribution occurs, either in the form of a withdrawal or as annuity payments under the annuity option elected. For a withdrawal received as a total surrender (total redemption or a death benefit), the recipient is taxed on the portion of the payment that exceeds the cost basis of the Contract. For a payment received as a partial withdrawal from a non-qualified Contract, federal tax liability is generally determined on a last-in, first-out basis, meaning taxable income is withdrawn before the cost basis of the Contract is withdrawn. In the case of a partial withdrawal under a tax-qualified Contract, a ratable portion of the amount received is taxable. For Contracts issued in connection with non-qualified plans, the cost basis is generally the premiums, while for Contracts issued in connection with tax-qualified plans there may be no cost basis. The taxable portion of a withdrawal is taxed at ordinary income tax rates. Tax penalties may also apply.

For annuity payments, a portion of each payment in excess of an exclusion amount is includable in taxable income. All annuity payments in excess of the exclusion amount are fully taxable at ordinary income rates.

The exclusion amount for payments based on a fixed annuity option is determined by multiplying the payment by the ratio that the cost basis of the Contract (adjusted for any period certain or refund feature) bears to the expected return under the Contract. The exclusion amount for payments based on a variable annuity option is determined by dividing the cost basis of the Contract (adjusted for any period certain or refund guarantee) by the fixed or estimated number of years for which annuity payments are to be made. No exclusion is allowed with respect to any payments received after the investment in the Contract has been recovered (i.e., when the total of the excludable amounts equals the investment in the Contract). For certain types of tax-qualified plans there may be no cost basis in the Contract within the meaning of Section 72 of the Code.

Owners, annuitants and beneficiaries under the Contracts should seek competent financial advice about the tax consequences of distributions.


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Medicare Tax on Net Investment Income

Beginning in 2013, the taxable portion of distributions from a non-qualified annuity Contract will be considered investment income for purposes of the new Medicare tax on investment income. As a result, a 3.8% tax will generally apply to some or all of the taxable portion of distributions to individuals whose modified adjusted gross income exceeds certain threshold amounts. These levels are $200,000 in the case of single taxpayers, $250,000 in the case of married taxpayers filing joint returns, and $125,000 in the case of married taxpayers filing separately. Owners should consult their own tax advisers for more information.

Withholding Tax on Distributions

The Code generally requires Jackson (or, in some cases, a plan administrator) to withhold tax on the taxable portion of any distribution or withdrawal from a Contract. For "eligible rollover distributions" from Contracts issued under certain types of tax-qualified plans, 20% of the distribution must be withheld, unless the payee elects to have the distribution "rolled over" to another eligible plan in a direct transfer. This requirement is mandatory and cannot be waived by the owner.

An "eligible rollover distribution" is the taxable portion of any amount received by a covered employee from a plan qualified under Section 401(a) or 403(a) of the Code, from a tax sheltered annuity qualified under Section 403(b) of the Code or an eligible deferred compensation plan of a state or local government under Section 457(b) of the Code (other than (1) a series of substantially equal periodic payments (not less frequently than annually) for the life (or life expectancy) of the employee, or joint lives (or joint life expectancies) of the employee, and his or her designated beneficiary, or for a specified period of ten years or more; (2) minimum distributions required to be made under the Code; and (3) hardship withdrawals). Failure to "roll over" the entire amount of an eligible rollover distribution (including the amount equal to the 20% portion of the distribution that was withheld) could have adverse tax consequences, including the imposition of a penalty tax on premature withdrawals, described later in this section.

Withdrawals or distributions from a Contract other than eligible rollover distributions are also subject to withholding on the taxable portion of the distribution, but the owner may elect in such cases to waive the withholding requirement. If not waived, withholding is imposed (1) for periodic payments, at the rate that would be imposed if the payments were wages, or (2) for other distributions, at the rate of 10%. If no withholding exemption certificate is in effect for the payee, the rate under (1) above is computed by treating the payee as a married individual claiming three withholding exemptions.

Generally, the amount of any payment of interest to a non-resident alien of the United States shall be subject to withholding of a tax equal to 30% of such amount or, if applicable, a lower treaty rate. A payment may not be subject to withholding where the recipient sufficiently establishes that such payment is effectively connected to the recipient's conduct of a trade or business in the United States and such payment is included in the recipient's gross income.

Diversification - Separate Account Investments

Section 817(h) of the Code imposes certain asset diversification standards on variable annuity Contracts. The Code provides that a variable annuity Contract will not be treated as an annuity Contract for any period (and any subsequent period) for which the investments held in any segregated asset account underlying the Contract are not adequately diversified, in accordance with regulations prescribed by the United States Treasury Department ("Treasury Department"). Disqualification of the Contract as an annuity Contract would result in imposition of federal income tax to the owner with respect to earnings allocable to the Contract prior to the receipt of payments under the Contract. The Code contains a safe harbor provision which provides that annuity Contracts, such as the Contracts, meet the diversification requirements if, as of the last day of each calendar quarter, or within 30 days after such last day, the underlying assets meet the diversification standards for a regulated investment company and no more than 55% of the total assets consist of cash, cash items, U.S. government securities and securities of other regulated investment companies.

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The Treasury Department has issued Regulations establishing diversification requirements for the mutual Funds underlying the variable Contracts. These Regulations amplify the diversification requirements for variable Contracts set forth in the Code and provide an alternative to the safe harbor provision described above. Under these Regulations, a mutual Fund will be deemed adequately diversified if (1) no more than 55% of the value of the total assets of the mutual Fund is represented by any one investment; (2) no more than 70% of the value of the total assets of the mutual Fund is represented by any two investments; (3) no more than 80% of the value of the total assets of the mutual Fund is represented by any three investments; and (4) no more than 90% of the value of the total assets of the mutual Fund is represented by any four investments.

Jackson intends that each Fund of the JNL Series Trust, JNL Variable Fund LLC, and Jackson Variable Series Trust will be managed by its respective investment adviser in such a manner as to comply with these diversification requirements.

At the time the Treasury Department issued the diversification Regulations, it did not provide guidance regarding the circumstances under which Contract owner control of the investments of a segregated asset account would cause the Contract owner to be treated as the owner of the assets of the segregated asset account. Revenue Ruling 2003-91 provides such guidance by describing the circumstances under which the owner of a variable contract will not possess sufficient control over the assets underlying the contract to be treated as the owner of those assets for federal income tax purposes.

Rev. Rul. 2003-91 considered certain variable annuity and variable life insurance contracts and held that the types of actual and potential control that the contract owners could exercise over the investment assets held by the insurance company under these variable contracts was not sufficient to cause the contract owners to be treated as the owners of those assets and thus to be subject to current income tax on the income and gains produced by those assets. Under the contracts in Rev. Rul. 2003-91 there was no arrangement, plan, contract or agreement between the contract owner and the insurance company regarding the availability of a particular investment option and other than the contract owner's right to allocate premiums and transfer funds among the available sub-accounts, all investment decisions concerning the sub-accounts were made by the insurance company or an advisor in its sole and absolute discretion. Twelve investment options were available under the contracts in Rev. Rul. 2003-91 although the insurance company had the right to increase (but to no more than 20) or decrease the number of sub-accounts at any time. The contract owner was permitted to transfer amounts among the various investment options without limitation, subject to incurring fees for more than one transfer per 30-day period.

Like the contracts described in Rev. Rul. 2003-91, under the Contract there will be no arrangement, plan, contract or agreement between a Contract owner and Jackson regarding the availability of a particular Allocation Option and other than the Contract owner's right to allocate premiums and transfer funds among the available Allocation Options, all investment decisions concerning the Allocation Options will be made by Jackson or an advisor in its sole and absolute discretion. The Contract will differ from the contracts described in Rev. Rul. 2003-91 in two respects. The first difference is that the contracts described in Rev. Rul. 2003-91 provided only 12 investment options with the insurance company having the ability to add an additional 8 options whereas the Contract offers 110 Investment Divisions, and, if more than 99 options are offered, a Contract owner's Contract Value can be allocated to no more than 99 variable options at any one time. The second difference is that the owner of a contract in Rev. Rul. 2003-91 could only make one transfer per 30-day period without a fee whereas during the accumulation phase, a Contract owner can make 15 transfers in any one year without a charge.

Rev. Rul. 2003-91 states that whether the owner of a variable contract is to be treated as the owner of the assets held by the insurance company under the contract will depend on all of the facts and circumstances. Jackson does not believe that the differences between the Contract and the contracts described in Rev. Rul. 2003-91 with respect to the number of investment choices and the number of investment transfers that can be made under the Contract without an additional charge should prevent the holding in Rev. Rul. 2003-91 from applying to the owner of a Contract. At this time, however, it cannot be determined whether additional guidance will be provided by the IRS on this issue and what standards may be contained in such guidance. Jackson reserves the right to modify the Contract to the extent required to maintain favorable tax treatment.

13


Multiple Contracts

The Code provides that multiple non-qualified annuity Contracts that are issued within a calendar year to the same Contract owner by one company or its affiliates are treated as one annuity Contract for purposes of determining the tax consequences of any distribution. Such treatment may result in adverse tax consequences including more rapid taxation of the distributed amounts from such multiple Contracts. For purposes of this rule, Contracts received in a Section 1035 exchange will be considered issued in the year of the exchange. Owners should consult a tax adviser prior to purchasing more than one annuity Contract in any calendar year.

Partial 1035 Exchanges

In accordance with Revenue Procedure 2011-38, the IRS will consider a partial exchange of an annuity Contract for another annuity Contract valid if there is either no withdrawal from, or surrender of, either the surviving annuity contract or the new annuity contract within 180 days of the date of the partial exchange. Revenue Procedure 2011-38 also provides certain exceptions to the 180 day rule. Due to the complexity of these rules, owners are encouraged to consult their own tax advisers prior to entering into a partial exchange of an annuity Contract.

Contracts Owned by Other Than Natural Persons

Under Section 72(u) of the Code, the investment earnings on premiums for Contracts will be taxed currently to the owner if the owner is a non-natural person, e.g., a corporation or certain other entities. Such Contracts generally will not be treated as annuities for federal income tax purposes (except for the taxation of life insurance companies). However, this treatment is not applied to Contracts held by a trust or other entity as an agent for a natural person nor to Contracts held by certain tax-qualified plans. Purchasers should consult their own tax counsel or other tax adviser before purchasing a Contract to be owned by a non-natural person.

Tax Treatment of Assignments

An assignment or pledge of a Contract may have tax consequences. Any assignment or pledge of a tax-qualified Contract may also be prohibited by ERISA in some circumstances. Owners should, therefore, consult competent legal advisers should they wish to assign or pledge their Contracts.

An assignment or pledge of all or any portion of the value of a Non-Qualified Contract is treated under Section 72 of the Code as an amount not received as an annuity. The value of the Contract assigned or pledged that exceeds the aggregate premiums paid will be included in the individual's gross income. In addition, the amount included in the individual's gross income could also be subject to the 10% penalty tax discussed below under Non-Qualified Contracts.

An assignment or pledge of all or any portion of the value of a Qualified Contract will disqualify the Qualified Contract. If the Qualified Contract is part of a qualified pension or profit-sharing plan, the Code prohibits the assignment or alienation of benefits provided under the plan. If the Qualified Contract is an IRA annuity or a 403(b) annuity, the Code requires the Qualified Contract to be nontransferable. If the Qualified Contract is part of an eligible deferred compensation plan, amounts cannot be made available to plan participants or beneficiaries: (1) until the calendar year in which the participant attains age 70 1/2; (2) when the participant has a severance from employment; or (3) when the participant is faced with an unforeseeable emergency.

Death Benefits

Any death benefits paid under the Contract are taxable to the beneficiary. The rules governing the taxation of payments from an annuity Contract, as discussed above, generally apply to the payment of death benefits and depend on whether the death benefits are paid as a lump sum or as annuity payments. Estate or gift taxes may also apply.


14

Tax-Qualified Plans

The Contracts offered by the Prospectus are designed to be suitable for use under various types of tax-qualified plans. Taxation of owners of a tax-qualified Contract will vary based on the type of plan and the terms and conditions of each specific plan. Owners, annuitants and beneficiaries are cautioned that benefits under a tax-qualified Contract may be subject to the terms and conditions of the plan, regardless of the terms and conditions of the Contracts issued to fund the plan. Owners, annuitant and beneficiaries are also reminded that a tax-qualified Contract will not provide any necessary or additional tax deferral if it is used to fund a tax-qualified plan that is already tax-deferred.

Tax Treatment of Withdrawals

Non-Qualified Contracts

Section 72 of the Code governs treatment of distributions from annuity Contracts. It provides that if the Contract value exceeds the aggregate premiums made, any amount withdrawn not in the form of an annuity payment will be treated as coming first from the earnings and then, only after the income portion is exhausted, as coming from the principal. Withdrawn earnings are included in a taxpayer's gross income. Section 72 further provides that a 10% penalty will apply to the income portion of any distribution. The penalty is not imposed on amounts received: (1) after the taxpayer reaches 59 1/2; (2) upon the death of the owner; (3) if the taxpayer is totally disabled as defined in Section 72(m)(7) of the Code; (4) in a series of substantially equal periodic payments made at least annually for the life (or life expectancy) of the taxpayer or for the joint lives (or joint life expectancies) of the taxpayer and his beneficiary; (5) under an immediate annuity; or (6) which are allocable to premium payments made prior to August 14, 1982.

With respect to (4) above, if the series of substantially equal periodic payments is modified before the later of your attaining age 59 1/2 or five years from the date of the first periodic payment, then the tax for the year of the modification is increased by an amount equal to the tax which would have been imposed (the 10% penalty tax) but for the exception, plus interest for the tax years in which the exception was used.

Tax-Qualified Contracts

In the case of a withdrawal under a tax-qualified Contract, a ratable portion of the amount received is taxable, generally based on the ratio of the individual's cost basis to the individual's total accrued benefit under the retirement plan. Special tax rules may be available for certain distributions from a tax-qualified Contract. Section 72(t) of the Code imposes a 10% penalty tax on the taxable portion of any distribution from qualified retirement plans, including Contracts issued and qualified under Code Sections 401 (pension and profit sharing plans), 403(b) (tax-sheltered annuities), individual retirement accounts and annuities under 408(a) and (b) (IRAs) and Roth IRAs under 408A. To the extent amounts are not included in gross income because they have been rolled over to an IRA or to another eligible qualified plan, no tax penalty will be imposed.

The tax penalty will not apply to the following distributions: (1)  distributions made on or after the date on which the owner or annuitant (as applicable) reaches age 59 1/2; (2) distributions following the death or disability of the owner or annuitant (as applicable) (for this purpose "disability" is defined in Section 72(m)(7) of the Code); (3) distributions that are part of a series of substantially equal periodic payments made not less frequently than annually for the life (or life expectancy) of the owner or annuitant (as applicable) or the joint lives (or joint life expectancies) of such owner or annuitant (as applicable) and his or her designated beneficiary; (4) distributions to an owner or annuitant (as applicable) who has separated from service after he has attained age 55; (5) distributions made to the owner or annuitant (as applicable) to the extent such distributions do not exceed the amount allowable as a deduction under Code Section 213 to the owner or annuitant (as applicable) for amounts paid during the taxable year for medical care; (6) distributions made to an alternate payee pursuant to a qualified domestic relations order; (7) distributions made on account of an IRS levy upon the qualified Contracts; (8) distributions from an IRA after separation from employment for the purchase of medical insurance (as described in Section 213(d)(1)(D) of the Code) for the Contract owner or annuitant (as applicable) and his or her spouse and dependents if the Contract

15

owner or annuitant (as applicable) has received unemployment compensation for at least 12 weeks (this exception will no longer apply after the Contract owner or annuitant (as applicable) has been re-employed for at least 60 days); (9) distributions from an IRA made to the owner or annuitant (as applicable) to the extent such distributions do not exceed the qualified higher education expenses (as defined in Section 72(t)(7) of the Code) (as applicable) for the taxable year; and (10) distributions from an IRA made to the owner or annuitant (as applicable) which are qualified first time home buyer distributions (as defined in Section 72(t)(8) of the Code). The exceptions stated in items (4) and (6) above do not apply in the case of an IRA. The exception stated in (3) above applies to an IRA without the requirement that there be a separation from service.

With respect to (3) above, if the series of substantially equal periodic payments is modified before the later of your attaining age 59 1/2 or five years from the date of the first periodic payment, then the tax for the year of the modification is increased by an amount equal to the tax which would have been imposed (the 10% penalty tax) but for the exception, plus interest for the tax years in which the exception was used.

Withdrawals of amounts attributable to contributions made pursuant to a salary reduction agreement (in accordance with Section 403(b)(11) of the Code) are limited to the following: when the owner attains age 59 1/2, severs employment, dies, becomes disabled (within the meaning of Section 72(m)(7) of the Code), or in the case of hardship. Hardship withdrawals do not include any earnings on salary reduction contributions. These limitations on withdrawals apply to: (1) salary reduction contributions made after December 31, 1988; (2) income attributable to such contributions; and (3) income attributable to amounts held as of December 31, 1988. The limitations on withdrawals do not affect rollovers or exchanges between certain tax-qualified plans. Tax penalties may also apply. While the foregoing limitations only apply to certain Contracts issued in connection with Section 403(b) plans, all owners should seek competent tax advice regarding any withdrawals or distributions.

The taxable portion of a withdrawal or distribution from tax-qualified Contracts may, under some circumstances, be "rolled over" into another eligible plan so as to continue to defer income tax on the taxable portion. Such treatment is available for an "eligible rollover distribution" made by certain types of plans (as described above under "Taxes - Withholding Tax on Distributions") that is transferred within 60 days of receipt into another eligible plan or an IRA. Plans making such eligible rollover distributions are also required, with some exceptions specified in the Code, to provide for a direct transfer of the distribution to the transferee plan designated by the recipient.

Amounts received from IRAs may also be rolled over into other IRAs or certain other plans, subject to limitations set forth in the Code.

Prior to the date that annuity payments begin under an annuity Contract, the required minimum distribution rules applicable to defined contribution plans and IRAs will be used. Generally, distributions from a tax-qualified plan must commence no later than April 1 of the calendar year following the year in which the employee attains the later of age 70 1/2 or the date of retirement. In the case of an IRA, distributions must commence no later than April 1 of the calendar year following the year in which the owner attains age 70 1/2. Required distributions from defined contribution plans and IRAs are determined by dividing the account balance by the appropriate distribution period found in a uniform lifetime distribution table set forth in IRS regulations. For this purpose, the entire interest under an annuity Contract is the account value under the Contract plus the actuarial value of any other benefits such as guaranteed death benefits that will be provided under the Contract.

If the sole beneficiary is the Contract holder's or employee's spouse and the spouse is more than 10 years younger than the employee, a longer distribution period measured by the joint life and last survivor expectancy of the Contract holder employee and spouse is permitted to be used. Distributions under a defined benefit plan or an annuity Contract must be paid in the form of periodic annuity payments for the employee's life (or the joint lives of the employee and beneficiary) or over a period certain that does not exceed the period under the uniform lifetime table for the employee's age in the year in which the annuity starting date occurs. If the required minimum distributions are not made, a 50% penalty tax on the amount not distributed is imposed on the individual.


16

Types of Tax-Qualified Plans

The Contracts offered herein are designed to be suitable for use under various types of tax-qualified plans. Taxation of participants in each tax-qualified plan varies with the type of plan and terms and conditions of each specific plan. Owners, annuitants and beneficiaries are cautioned that benefits under a tax-qualified plan may be subject to the terms and conditions of the plan regardless of the terms and conditions of the Contracts issued pursuant to the plan. Some retirement plans are subject to distribution and other requirements that are not incorporated into Jackson's administrative procedures. Jackson is not bound by the terms and conditions of such plans to the extent such terms conflict with the terms of a Contract, unless Jackson specifically consents to be bound. Owners, annuitants and beneficiaries are responsible for determining that contributions, distributions and other transactions with respect to the Contracts comply with applicable law.

A tax-qualified Contract will not provide any necessary or additional tax deferral if it is used to fund a tax-qualified plan that is tax deferred. However, the Contract has features and benefits other than tax deferral that may make it an appropriate investment for a tax-qualified plan. Following are general descriptions of the types of tax-qualified plans with which the Contracts may be used. Such descriptions are not exhaustive and are for general informational purposes only. The tax rules regarding tax-qualified plans are very complex and will have differing applications depending on individual facts and circumstances. Each purchaser should obtain competent tax advice prior to purchasing a Contract issued under a tax-qualified plan.

Contracts issued pursuant to tax-qualified plans include special provisions restricting Contract provisions that may otherwise be available as described herein. Generally, Contracts issued pursuant to tax-qualified plans are not transferable except upon surrender or annuitization. Various penalty and excise taxes may apply to contributions or distributions made in violation of applicable limitations. Furthermore, certain withdrawal penalties and restrictions may apply to surrenders from Tax-Qualified Contracts. (See "Tax Treatment of Withdrawals - Tax-Qualified Contracts" above.)

On July 6, 1983, the Supreme Court decided in Arizona Governing Committee v. Norris that benefits provided under an employer's deferred compensation plan could not, under Title VII of the Civil Rights Act of 1964, vary between men and women. The Contracts sold by Jackson in connection with certain Tax-Qualified Plans will utilize tables that do not differentiate on the basis of sex. Such annuity tables will also be available for use in connection with certain non-qualified deferred compensation plans.

(a) Tax-Sheltered Annuities

Section 403(b) of the Code permits the purchase of "tax-sheltered annuities" by public schools and certain charitable, educational and scientific organizations described in Section 501(c)(3) of the Code. These qualifying employers may make contributions to the Contracts for the benefit of their employees. Such contributions are not included in the gross income of the employee until the employee receives distributions from the Contract. The amount of contributions to the tax-sheltered annuity is limited to certain maximums imposed by the Code. Furthermore, the Code sets forth additional restrictions governing such items as transferability, distributions, non-discrimination and withdrawals. Employee loans are not allowed under these Contracts. Any employee should obtain competent tax advice as to the tax treatment and suitability of such an investment.

(b) Individual Retirement Annuities

Section 408(b) of the Code permits eligible individuals to contribute to an individual retirement program known as an "individual retirement annuity" ("IRA annuity"). Under applicable limitations, certain amounts may be contributed to an IRA annuity that will be deductible from the individual's gross income. IRA annuities are subject to limitations on eligibility, contributions, transferability and distributions. Sales of IRA annuities are subject to special requirements imposed by the Code, including the requirement that certain informational disclosure be given to persons desiring to establish an IRA. Purchasers of Contracts

17

to be qualified as IRA annuities should obtain competent tax advice as to the tax treatment and suitability of such an investment.
 
(c) Roth IRA Annuities

Section 408A of the Code provides that individuals may purchase a non-deductible IRA annuity, known as a Roth IRA annuity. Purchase payments for Roth IRA annuities are limited to a maximum of $5,500 for 2016. The limit will be adjusted annually for inflation in $500 increments. In addition, the Act allows individuals age 50 and older to make additional catch-up IRA contributions. The otherwise maximum contribution limit (before application of adjusted gross income phase-out limits) for an individual who had celebrated his or her 50th birthday before the end of the tax year is increased by $1,000. The same contribution and catch-up contributions are also available for purchasers of Traditional IRA annuities.

Lower maximum limitations apply to individuals above certain adjusted gross income levels. For 2016, these levels are $117,000 in the case of single taxpayers, $184,000 in the case of married taxpayers filing joint returns, and $0 in the case of married taxpayers filing separately. These levels are indexed annually in $1,000 increments. An overall $5,500 annual limitation (increased as discussed above) continues to apply to all of a taxpayer's IRA annuity contributions, including Roth IRA annuities and non-Roth IRA annuities.

Qualified distributions from Roth IRA annuities are free from federal income tax. A qualified distribution requires that the individual has held the Roth IRA annuity for at least five years and, in addition, that the distribution is made either after the individual reaches age 59 1/2, on the individual's death or disability, or as a qualified first-time home purchase, subject to a $10,000 lifetime maximum, for the individual, a spouse, child, grandchild, or ancestor. Any distribution that is not a qualified distribution is taxable to the extent of earnings in the distribution. Distributions are treated as made from contributions first and therefore no distributions are taxable until distributions exceed the amount of contributions to the Roth IRA annuity. The 10% penalty tax and the regular IRA annuity exceptions to the 10% penalty tax apply to taxable distributions from Roth IRA annuities.

Amounts may be rolled over from one Roth IRA annuity to another Roth IRA annuity. Furthermore, an individual may make a rollover contribution from a non-Roth IRA annuity to a Roth IRA annuity. The individual must pay tax on any portion of the IRA annuity being rolled over that would be included in income if the distributions were not rolled over. There are no similar limitations on rollovers from one Roth IRA annuity to another Roth IRA annuity.

(d) Pension and Profit-Sharing Plans

The Internal Revenue Code permits employers, including self-employed individuals, to establish various types of qualified retirement plans for employees. These retirement plans may permit the purchase of the Contracts to provide benefits under the plan. Contributions to the plan for the benefit of employees will not be included in the gross income of the employee until distributed from the plan. The tax consequences to owners may vary depending upon the particular plan design. However, the Code places limitations on all plans on such items as amount of allowable contributions; form, manner and timing of distributions; vesting and non-forfeitability of interests; nondiscrimination in eligibility and participation; and the tax treatment of distributions, transferability of benefits, withdrawals and surrenders. Purchasers of Contracts for use with pension or profit sharing plans should obtain competent tax advice as to the tax treatment and suitability of such an investment.

(e) Eligible Deferred Compensation Plans - Section 457

Under Code provisions, employees and independent Contractors performing services for state and local governments and other tax-exempt organizations may participate in eligible deferred compensation plans under Section 457 of the Code. The amounts deferred under a Plan that meets the requirements of Section 457 of the Code are not taxable as income to the participant until paid or otherwise made available to the

18

participant or beneficiary. As a general rule, the maximum amount that can be deferred in any one year is the lesser of 100% of the participant's includable compensation or the $18,000 elective deferral limitation in 2016. The limit is indexed for inflation in $500 increments annually. In addition, the Act allows individuals in eligible deferred compensation plans of state or local governments age 50 and older to make additional catch-up contributions. The otherwise maximum contribution limit for an individual who had celebrated his or her 50th birthday before the end of the tax year is increased by $6,000. The same contribution and catch-up contributions are also available for participants in qualified pension and profit-sharing plans and tax-sheltered annuities under Section 403(b) of the Code.

In limited circumstances, the plan may provide for additional catch-up contributions in each of the last three years before normal retirement age. Furthermore, the Code provides additional requirements and restrictions regarding eligibility and distributions.

All of the assets and income of an eligible deferred compensation plan established by a governmental employer must be held in trust for the exclusive benefit of participants and their beneficiaries. For this purpose, custodial accounts and certain annuity Contracts are treated as trusts. The requirement of a trust does not apply to amounts under a Plan of a tax-exempt (non-governmental) employer. In addition, the requirement of a trust does not apply to amounts under a Plan of a governmental employer if the Plan is not an eligible plan within the meaning of Section 457(b) of the Code. In the absence of such a trust, amounts under the plan will be subject to the claims of the employer's general creditors.

In general, distributions from a Plan are prohibited under Section 457 of the Code unless made after the participant:

•
attains age 70 1/2,
•
severs employment,
•
dies, or
•
suffers an unforeseeable financial emergency as defined in the regulations.

Under present federal tax law, amounts accumulated in a Plan of a tax-exempt (non-governmental) employer under Section 457 of the Code cannot be transferred or rolled over on a tax-deferred basis except for certain transfers to other Plans under Section 457. Amounts accumulated in a Plan of a state or local government employer may be transferred or rolled over to another eligible deferred compensation plan of a state or local government, an IRA, a qualified pension or profit-sharing plan or a tax-sheltered annuity under Section 403(b) of the Code.

Annuity Provisions

Variable Annuity Payment  

The initial annuity payment is determined by taking the Contract value allocated to that Investment Division, less any premium tax and any applicable Contract charges, and then applying it to the income option table specified in the Contract.  The appropriate rate must be determined by the sex (except where, as in the case of certain Qualified Plans and other employer-sponsored retirement plans, such classification is not permitted) and age of the annuitant and designated second person, if any.

The dollars applied are divided by 1,000 and the result multiplied by the appropriate annuity factor appearing in the table to compute the amount of the first monthly payment.  That amount is divided by the value of an annuity unit as of the Income Date to establish the number of annuity units representing each variable payment.  The number of annuity units determined for the first variable payment remains constant for the second and subsequent monthly variable payments, assuming that no reallocation of Contract values is made.

The amount of the second and each subsequent monthly variable payment is determined by multiplying the number of annuity units by the annuity unit value as of the business day next preceding the date on which each payment is due.

The mortality and expense experience will not adversely affect the dollar amount of the variable annuity payments once payments have commenced.


19

Annuity Unit Value

The initial value of an annuity unit of each Investment Division was set when the Investment Divisions were established.  The value may increase or decrease from one business day to the next.  The income option tables contained in the Contract are based on a 1% per annum assumed investment rate.

The value of a fixed number of annuity units will reflect the investment performance of the Investment Divisions elected, and the amount of each payment will vary accordingly.

For each Investment Division, the value of an annuity unit for any business day is determined by multiplying the annuity unit value for the immediately preceding business day by the percentage change in the value of an accumulation unit from the immediately preceding business day to the business day of valuation, calculated by use of the Net Investment Factor, described below. The result is then multiplied by a second factor which offsets the effect of the assumed net investment rate of 1% per annum.

Net Investment Factor

The net investment factor is an index applied to measure the net investment performance of an Investment Division from one valuation date to the next. The net investment factor for any Investment Division for any valuation period during the accumulation and annuity phases is determined by dividing (a) by (b) where:

(a)
is the net result of:
 
(1)
the net asset value of a Fund's share held in the Investment Division determined as of the valuation date at the end of the valuation period, plus

 
(2)
the per share amount of any dividend or other distribution declared by the Fund if the "ex-dividend" date occurs during the valuation period, plus or minus

 
(3)
a per share credit or charge with respect to any taxes paid or reserved for by Jackson during the valuation period which are determined by Jackson to be attributable to the operation of the Investment Division (no federal income taxes are applicable under present law); and

(b)
is the net asset value of the Fund share held in the Investment Division determined as of the valuation date at the end of the preceding valuation period.


Also see "Income Payments (The Income Phase)" in the Prospectus.

20
APPENDIX A



Jackson National Separate Account I

jacksonsaicover.jpg
Financial Statements

December 31, 2015





Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Assets and Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CG - Alt 100 Conservative Fund
 
CG - Alt 100 Growth Fund
 
CG - Institutional Alt 65 Fund
 
CG - International Conservative Fund
 
CG - International Growth Fund
 
CG - International Moderate Fund
 
CG - Multi-Strategy Income Fund
 
CG - Tactical Maximum Growth Fund
 
CG - Tactical Moderate Growth Fund
 
Curian Dynamic Risk Advantage - Diversified Fund
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments, at fair value (a)
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Receivables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares sold
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

   Investment Division units sold
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Total assets
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares purchased
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

   Investment Division units redeemed
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

   Insurance fees due to Jackson
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Total liabilities
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Net assets (Note 7)
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Investments in Funds, shares outstanding
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

      Investments in Funds, at cost
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—


See notes to the financial statements.
1

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Assets and Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Curian Dynamic Risk Advantage - Growth Fund
 
Curian Dynamic Risk Advantage - Income Fund
 
Curian/Aberdeen Latin America Fund
 
Curian/Ashmore Emerging Market Small Cap Equity Fund
 
Curian/Baring International Fixed Income Fund
 
Curian/ CenterSquare International Real Estate Securities Fund
 
Curian/PineBridge Merger Arbitrage Fund
 
Curian/Schroder Emerging Europe Fund
 
Curian/UBS Global Long Short Fixed Income Opportunities Fund
 
JG - Alt 100 Fund
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments, at fair value (a)
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
445,496,695

Receivables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares sold
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
140,798

   Investment Division units sold
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
85,829

Total assets
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
445,723,322

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares purchased
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
85,829

   Investment Division units redeemed
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
128,101

   Insurance fees due to Jackson
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
12,697

Total liabilities
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
226,627

Net assets (Note 7)
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
445,496,695

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Investments in Funds, shares outstanding
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
43,977,956

      Investments in Funds, at cost
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
468,431,228


See notes to the financial statements.
2

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Assets and Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JG - Conservative Fund
 
JG - Equity 100 Fund
 
JG - Equity Income Fund
 
JG - Fixed Income 100 Fund
 
JG - Growth Fund
 
JG - Interest Rate Opportunities Fund
 
JG - Maximum Growth Fund
 
JG - Moderate Fund
 
JG - Moderate Growth Fund
 
JG - Real Assets Fund
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments, at fair value (a)
 
$
122,256,189

 
$
81,460,935

 
$
—

 
$
71,861,619

 
$
240,234,049

 
$
45,565,316

 
$
219,742,526

 
$
398,190,267

 
$
812,819,350

 
$
9,035,943

Receivables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares sold
 
8,331

 
9,046

 
—

 
32,559

 
25,677

 
1,357

 
33,161

 
32,741

 
448,432

 
263

   Investment Division units sold
 
40,000

 
—

 
—

 
92,281

 
211,852

 
6,728

 
35,718

 
160,137

 
274,490

 
6,090

Total assets
 
122,304,520

 
81,469,981

 
—

 
71,986,459

 
240,471,578

 
45,573,401

 
219,811,405

 
398,383,145

 
813,542,272

 
9,042,296

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares purchased
 
40,000

 
—

 
—

 
92,281

 
211,852

 
6,728

 
35,718

 
160,137

 
274,490

 
6,090

   Investment Division units redeemed
 
4,658

 
6,751

 
—

 
30,470

 
18,988

 
33

 
27,009

 
21,168

 
425,166

 
4

   Insurance fees due to Jackson
 
3,673

 
2,295

 
—

 
2,089

 
6,689

 
1,324

 
6,152

 
11,573

 
23,266

 
259

Total liabilities
 
48,331

 
9,046

 
—

 
124,840

 
237,529

 
8,085

 
68,879

 
192,878

 
722,922

 
6,353

Net assets (Note 7)
 
$
122,256,189

 
$
81,460,935

 
$
—

 
$
71,861,619

 
$
240,234,049

 
$
45,565,316

 
$
219,742,526

 
$
398,190,267

 
$
812,819,350

 
$
9,035,943

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Investments in Funds, shares outstanding
 
11,632,368

 
7,046,794

 
—

 
7,524,777

 
22,141,387

 
4,952,752

 
18,733,378

 
35,175,819

 
70,926,645

 
1,099,263

      Investments in Funds, at cost
 
$
126,463,652

 
$
88,385,663

 
$
—

 
$
74,969,079

 
$
249,074,195

 
$
48,721,794

 
$
232,177,335

 
$
412,886,858

 
$
845,875,583

 
$
10,879,730



See notes to the financial statements.
3

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Assets and Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL Tactical ETF Conservative Fund
 
JNL Tactical ETF Growth Fund
 
JNL Tactical ETF Moderate Fund
 
JNL/American Funds Global Growth Fund
 
JNL/American Funds Growth Fund
 
JNL/AQR Risk Parity Fund
 
JNL/BlackRock Global Long Short Credit Fund
 
JNL/DFA U.S. Micro Cap Fund
 
JNL/DoubleLine Total Return Fund
 
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments, at fair value (a)
 
$
75,313,372

 
$
134,332,183

 
$
175,369,830

 
$
91,115,483

 
$
172,664,468

 
$
25,093,515

 
$
67,175,748

 
$
36,078,809

 
$
364,627,178

 
$
34,210,822

Receivables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares sold
 
3,931

 
32,403

 
7,688

 
3,914

 
11,528

 
6,205

 
2,969

 
4,431

 
238,276

 
82,058

   Investment Division units sold
 
19,270

 
89,609

 
229,321

 
70,787

 
260,568

 
15,272

 
12,804

 
245

 
1,303,443

 
15,001

Total assets
 
75,336,573

 
134,454,195

 
175,606,839

 
91,190,184

 
172,936,564

 
25,114,992

 
67,191,521

 
36,083,485

 
366,168,897

 
34,307,881

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares purchased
 
19,270

 
89,609

 
229,321

 
70,787

 
260,568

 
15,272

 
12,804

 
245

 
1,303,443

 
15,001

   Investment Division units redeemed
 
1,700

 
28,610

 
2,632

 
1,359

 
6,645

 
5,490

 
1,020

 
3,404

 
225,893

 
81,066

   Insurance fees due to Jackson
 
2,231

 
3,793

 
5,056

 
2,555

 
4,883

 
715

 
1,949

 
1,027

 
12,383

 
992

Total liabilities
 
23,201

 
122,012

 
237,009

 
74,701

 
272,096

 
21,477

 
15,773

 
4,676

 
1,541,719

 
97,059

Net assets (Note 7)
 
$
75,313,372

 
$
134,332,183

 
$
175,369,830

 
$
91,115,483

 
$
172,664,468

 
$
25,093,515

 
$
67,175,748

 
$
36,078,809

 
$
364,627,178

 
$
34,210,822

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Investments in Funds, shares outstanding
 
6,884,220

 
11,138,655

 
15,027,406

 
7,787,648

 
11,211,978

 
17,187,339

 
7,063,696

 
4,346,844

 
34,237,294

 
3,586,040

      Investments in Funds, at cost
 
$
75,800,957

 
$
135,080,121

 
$
175,296,240

 
$
91,013,839

 
$
164,183,091

 
$
49,298,932

 
$
72,075,232

 
$
50,854,928

 
$
368,055,006

 
$
35,755,909


See notes to the financial statements.
4

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Assets and Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/Epoch Global Shareholder Yield Fund
 
JNL/FAMCO Flex Core Covered Call Fund
 
JNL/Franklin Templeton Natural Resources Fund
 
JNL/Lazard International Strategic Equity Fund
 
JNL/MC Frontier Markets 100 Index Fund
 
JNL/Neuberger Berman Currency Fund
 
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund
 
JNL/Nicholas Convertible Arbitrage Fund
 
JNL/PIMCO Credit Income Fund
 
JNL/PPM America Long Short Credit Fund
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments, at fair value (a)
 
$
27,780,067

 
$
120,656,286

 
$
—

 
$
43,939,479

 
$
15,622,769

 
$
12,350,065

 
$
5,281,296

 
$
101,147,607

 
$
59,544,749

 
$
14,027,366

Receivables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares sold
 
961

 
48,918

 
—

 
19,422

 
1,774

 
124,450

 
3,857

 
195,451

 
35,112

 
11,141

   Investment Division units sold
 
6,750

 
51,941

 
—

 
3,687

 
25,177

 
—

 
10,075

 
54,407

 
86,779

 
—

Total assets
 
27,787,778

 
120,757,145

 
—

 
43,962,588

 
15,649,720

 
12,474,515

 
5,295,228

 
101,397,465

 
59,666,640

 
14,038,507

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares purchased
 
6,750

 
51,941

 
—

 
3,687

 
25,177

 
—

 
10,075

 
54,407

 
86,779

 
—

   Investment Division units redeemed
 
166

 
45,436

 
—

 
18,206

 
1,338

 
124,091

 
3,708

 
192,539

 
33,247

 
10,719

   Insurance fees due to Jackson
 
795

 
3,482

 
—

 
1,216

 
436

 
359

 
149

 
2,912

 
1,865

 
422

Total liabilities
 
7,711

 
100,859

 
—

 
23,109

 
26,951

 
124,450

 
13,932

 
249,858

 
121,891

 
11,141

Net assets (Note 7)
 
$
27,780,067

 
$
120,656,286

 
$
—

 
$
43,939,479

 
$
15,622,769

 
$
12,350,065

 
$
5,281,296

 
$
101,147,607

 
$
59,544,749

 
$
14,027,366

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Investments in Funds, shares outstanding
 
2,536,992

 
10,410,378

 
—

 
3,707,973

 
17,753,147

 
1,217,955

 
910,568

 
10,363,484

 
5,606,850

 
1,560,330

      Investments in Funds, at cost
 
$
29,862,781

 
$
121,112,532

 
$
—

 
$
44,519,225

 
$
34,209,422

 
$
12,202,841

 
$
6,813,584

 
$
108,820,440

 
$
60,996,045

 
$
15,464,192


See notes to the financial statements.
5

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Assets and Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/T. Rowe Price Capital Appreciation Fund
 
JNL/The Boston Company Equity Income Fund
 
JNL/The London Company Focused U.S. Equity Fund
 
JNL/Van Eck International Gold Fund
 
JNL/WCM Focused International Equity Fund
 
JNL Alt 65 Fund - A
 
JNL Disciplined Growth Fund - A
 
JNL Disciplined Moderate Fund - A
 
JNL Disciplined Moderate Growth Fund - A
 
JNL Institutional Alt 20 Fund - A
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments, at fair value (a)
 
$
379,007,667

 
$
110,140,784

 
$
11,347,226

 
$
24,596,249

 
$
8,232,620

 
$
617,911,974

 
$
713,546,555

 
$
1,228,352,641

 
$
1,604,573,058

 
$
1,536,305,746

Receivables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares sold
 
11,264

 
117,320

 
19,285

 
13,712

 
813

 
327,208

 
133,168

 
200,541

 
373,076

 
297,131

   Investment Division units sold
 
2,439,046

 
16,200

 
—

 
9,559

 
68,052

 
46,604

 
356,844

 
623,814

 
421,882

 
290,787

Total assets
 
381,457,977

 
110,274,304

 
11,366,511

 
24,619,520

 
8,301,485

 
618,285,786

 
714,036,567

 
1,229,176,996

 
1,605,368,016

 
1,536,893,664

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares purchased
 
2,439,046

 
16,200

 
—

 
9,559

 
68,052

 
46,604

 
356,844

 
623,814

 
421,882

 
290,787

   Investment Division units redeemed
 
417

 
114,157

 
18,975

 
13,007

 
584

 
303,916

 
105,076

 
152,279

 
310,550

 
237,665

   Insurance fees due to Jackson
 
10,847

 
3,163

 
310

 
705

 
229

 
23,292

 
28,092

 
48,262

 
62,526

 
59,466

Total liabilities
 
2,450,310

 
133,520

 
19,285

 
23,271

 
68,865

 
373,812

 
490,012

 
824,355

 
794,958

 
587,918

Net assets (Note 7)
 
$
379,007,667

 
$
110,140,784

 
$
11,347,226

 
$
24,596,249

 
$
8,232,620

 
$
617,911,974

 
$
713,546,555

 
$
1,228,352,641

 
$
1,604,573,058

 
$
1,536,305,746

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Investments in Funds, shares outstanding
 
31,903,002

 
8,039,473

 
1,019,517

 
7,908,762

 
747,062

 
43,545,594

 
72,075,410

 
110,067,441

 
150,947,607

 
109,112,624

      Investments in Funds, at cost
 
$
372,449,411

 
$
108,975,641

 
$
11,610,802

 
$
38,105,691

 
$
8,185,950

 
$
671,239,819

 
$
726,677,935

 
$
1,226,408,769

 
$
1,600,272,407

 
$
1,611,582,858


See notes to the financial statements.
6

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Assets and Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL Institutional Alt 35 Fund - A
 
JNL Institutional Alt 50 Fund - A
 
JNL Multi-Manager Alternative Fund - A
 
JNL Multi-Manager Small Cap Growth Fund - A
 
JNL Multi-Manager Small Cap Value Fund - A
 
JNL/AB Dynamic Asset Allocation Fund - A
 
JNL/American Funds Balanced Allocation Fund - A
 
JNL/American Funds Blue Chip Income and Growth Fund - A
 
JNL/American Funds Global Bond Fund - A
 
JNL/American Funds Global Small Capitalization Fund - A
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments, at fair value (a)
 
$
1,942,017,326

 
$
2,748,450,622

 
$
6,229,120

 
$
1,000,620,196

 
$
513,864,116

 
$
31,737,901

 
$
1,119,371,900

 
$
1,828,935,192

 
$
418,272,360

 
$
486,304,023

Receivables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares sold
 
359,973

 
1,260,013

 
251

 
555,143

 
222,435

 
896

 
871,075

 
771,339

 
204,433

 
626,933

   Investment Division units sold
 
263,650

 
393,898

 
4,500

 
222,235

 
279,807

 
32,352

 
551,121

 
867,925

 
80,083

 
203,184

Total assets
 
1,942,640,949

 
2,750,104,533

 
6,233,871

 
1,001,397,574

 
514,366,358

 
31,771,149

 
1,120,794,096

 
1,830,574,456

 
418,556,876

 
487,134,140

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares purchased
 
263,650

 
393,898

 
4,500

 
222,235

 
279,807

 
32,352

 
551,121

 
867,925

 
80,083

 
203,184

   Investment Division units redeemed
 
283,658

 
1,150,537

 
76

 
515,365

 
202,489

 
—

 
826,832

 
699,394

 
187,698

 
607,870

   Insurance fees due to Jackson
 
76,315

 
109,476

 
175

 
39,778

 
19,946

 
896

 
44,243

 
71,945

 
16,735

 
19,063

Total liabilities
 
623,623

 
1,653,911

 
4,751

 
777,378

 
502,242

 
33,248

 
1,422,196

 
1,639,264

 
284,516

 
830,117

Net assets (Note 7)
 
$
1,942,017,326

 
$
2,748,450,622

 
$
6,229,120

 
$
1,000,620,196

 
$
513,864,116

 
$
31,737,901

 
$
1,119,371,900

 
$
1,828,935,192

 
$
418,272,360

 
$
486,304,023

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Investments in Funds, shares outstanding
 
134,862,314

 
184,707,703

 
650,901

 
44,951,491

 
39,958,329

 
3,212,338

 
93,358,791

 
114,094,522

 
42,249,733

 
37,207,653

      Investments in Funds, at cost
 
$
2,049,567,302

 
$
2,893,460,911

 
$
6,355,002

 
$
1,111,421,315

 
$
559,550,520

 
$
33,103,155

 
$
1,116,813,488

 
$
1,622,498,689

 
$
456,173,807

 
$
479,447,364


See notes to the financial statements.
7

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Assets and Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/American Funds Growth-Income Fund - A
 
JNL/American Funds Growth Allocation Fund - A
 
JNL/American Funds International Fund - A
 
JNL/American Funds New World Fund - A
 
JNL/AQR Managed Futures Strategy Fund - A
 
JNL/BlackRock Global Allocation Fund - A
 
JNL/BlackRock Large Cap Select Growth Fund - A
 
JNL/BlackRock Natural Resources Fund - A
 
JNL/Boston Partners Global Long Short Equity Fund - A
 
JNL/Brookfield Global Infrastructure and MLP Fund - A
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments, at fair value (a)
 
$
2,897,665,181

 
$
941,136,480

 
$
926,320,668

 
$
759,581,333

 
$
197,985,083

 
$
3,517,477,493

 
$
954,226,747

 
$
659,991,937

 
$
28,294,727

 
$
618,493,632

Receivables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares sold
 
1,054,848

 
262,245

 
343,936

 
278,209

 
309,714

 
1,193,785

 
294,247

 
296,624

 
8,600

 
1,303,363

   Investment Division units sold
 
2,667,758

 
733,314

 
662,497

 
601,775

 
143,889

 
1,496,498

 
584,268

 
1,141,930

 
17,685

 
301,161

Total assets
 
2,901,387,787

 
942,132,039

 
927,327,101

 
760,461,317

 
198,438,686

 
3,520,167,776

 
955,105,262

 
661,430,491

 
28,321,012

 
620,098,156

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares purchased
 
2,667,758

 
733,314

 
662,497

 
601,775

 
143,889

 
1,496,498

 
584,268

 
1,141,930

 
17,685

 
301,161

   Investment Division units redeemed
 
944,811

 
225,615

 
308,688

 
248,355

 
303,727

 
1,059,866

 
256,564

 
270,954

 
7,799

 
1,280,391

   Insurance fees due to Jackson
 
110,037

 
36,630

 
35,248

 
29,854

 
5,987

 
133,919

 
37,683

 
25,670

 
801

 
22,972

Total liabilities
 
3,722,606

 
995,559

 
1,006,433

 
879,984

 
453,603

 
2,690,283

 
878,515

 
1,438,554

 
26,285

 
1,604,524

Net assets (Note 7)
 
$
2,897,665,181

 
$
941,136,480

 
$
926,320,668

 
$
759,581,333

 
$
197,985,083

 
$
3,517,477,493

 
$
954,226,747

 
$
659,991,937

 
$
28,294,727

 
$
618,493,632

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Investments in Funds, shares outstanding
 
176,471,692

 
74,693,371

 
79,717,786

 
77,825,956

 
20,453,004

 
314,903,983

 
33,825,833

 
90,907,980

 
2,707,629

 
52,592,996

      Investments in Funds, at cost
 
$
2,614,012,195

 
$
936,745,001

 
$
956,884,761

 
$
870,112,090

 
$
213,054,983

 
$
3,644,406,604

 
$
882,198,440

 
$
908,694,881

 
$
27,734,621

 
$
772,399,288


See notes to the financial statements.
8

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Assets and Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/Capital Guardian Global Balanced Fund - A
 
JNL/Capital Guardian Global Diversified Research Fund - A
 
JNL/Causeway International Value Select Fund - A
 
JNL/DFA U.S. Core Equity Fund - A
 
JNL/DoubleLine Shiller Enhanced CAPE Fund - A
 
JNL/Eastspring Investments Asia ex-Japan Fund - A
 
JNL/Eastspring Investments China-India Fund - A
 
JNL/Franklin Templeton Founding Strategy Fund - A
 
JNL/Franklin Templeton Global Growth Fund - A
 
JNL/Franklin Templeton Global Multisector Bond Fund - A
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments, at fair value (a)
 
$
434,382,446

 
$
430,977,028

 
$
437,974,755

 
$
613,326,307

 
$
16,146,791

 
$
100,006,138

 
$
334,512,797

 
$
1,341,037,155

 
$
428,989,612

 
$
681,887,395

Receivables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares sold
 
151,625

 
277,138

 
269,283

 
293,582

 
483

 
84,516

 
164,433

 
834,224

 
191,240

 
653,008

   Investment Division units sold
 
91,135

 
46,817

 
105,754

 
334,150

 
88,228

 
195,702

 
73,682

 
266,753

 
130,634

 
439,823

Total assets
 
434,625,206

 
431,300,983

 
438,349,792

 
613,954,039

 
16,235,502

 
100,286,356

 
334,750,912

 
1,342,138,132

 
429,311,486

 
682,980,226

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares purchased
 
91,135

 
46,817

 
105,754

 
334,150

 
88,228

 
195,702

 
73,682

 
266,753

 
130,634

 
439,823

   Investment Division units redeemed
 
134,285

 
259,782

 
251,581

 
270,181

 
5

 
80,506

 
151,062

 
780,567

 
174,167

 
626,907

   Insurance fees due to Jackson
 
17,340

 
17,356

 
17,702

 
23,401

 
478

 
4,010

 
13,371

 
53,657

 
17,073

 
26,101

Total liabilities
 
242,760

 
323,955

 
375,037

 
627,732

 
88,711

 
280,218

 
238,115

 
1,100,977

 
321,874

 
1,092,831

Net assets (Note 7)
 
$
434,382,446

 
$
430,977,028

 
$
437,974,755

 
$
613,326,307

 
$
16,146,791

 
$
100,006,138

 
$
334,512,797

 
$
1,341,037,155

 
$
428,989,612

 
$
681,887,395

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Investments in Funds, shares outstanding
 
41,928,807

 
13,468,032

 
64,125,147

 
57,535,301

 
1,469,226

 
15,975,421

 
45,143,427

 
121,691,212

 
42,984,931

 
67,917,071

      Investments in Funds, at cost
 
$
427,274,131

 
$
360,785,545

 
$
491,082,736

 
$
591,891,145

 
$
16,054,589

 
$
124,796,560

 
$
349,188,855

 
$
1,240,369,693

 
$
449,589,180

 
$
786,611,732


See notes to the financial statements.
9

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Assets and Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/Franklin Templeton Income Fund - A
 
JNL/Franklin Templeton International Small Cap Growth Fund - A
 
JNL/Franklin Templeton Mutual Shares Fund - A
 
JNL/Goldman Sachs Core Plus Bond Fund - A
 
JNL/Goldman Sachs Emerging Markets Debt Fund - A
 
JNL/Goldman Sachs Mid Cap Value Fund - A
 
JNL/Goldman Sachs U.S. Equity Flex Fund - A
 
JNL/Harris Oakmark Global Equity Fund - A
 
JNL/Invesco Global Real Estate Fund - A
 
JNL/Invesco International Growth Fund - A
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments, at fair value (a)
 
$
1,673,566,923

 
$
541,130,272

 
$
582,264,369

 
$
883,013,079

 
$
145,685,901

 
$
655,101,947

 
$
355,250,999

 
$
7,834,135

 
$
1,307,859,440

 
$
748,807,046

Receivables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares sold
 
1,399,416

 
228,191

 
193,846

 
572,739

 
115,003

 
225,007

 
306,739

 
225

 
1,492,661

 
363,281

   Investment Division units sold
 
364,617

 
380,524

 
108,610

 
284,018

 
42,982

 
814,670

 
205,470

 
32,708

 
443,978

 
366,082

Total assets
 
1,675,330,956

 
541,738,987

 
582,566,825

 
883,869,836

 
145,843,886

 
656,141,624

 
355,763,208

 
7,867,068

 
1,309,796,079

 
749,536,409

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares purchased
 
364,617

 
380,524

 
108,610

 
284,018

 
42,982

 
814,670

 
205,470

 
32,708

 
443,978

 
366,082

   Investment Division units redeemed
 
1,334,275

 
207,183

 
170,578

 
537,320

 
109,472

 
198,801

 
292,724

 
5

 
1,441,680

 
334,726

   Insurance fees due to Jackson
 
65,141

 
21,008

 
23,268

 
35,419

 
5,531

 
26,206

 
14,015

 
220

 
50,981

 
28,555

Total liabilities
 
1,764,033

 
608,715

 
302,456

 
856,757

 
157,985

 
1,039,677

 
512,209

 
32,933

 
1,936,639

 
729,363

Net assets (Note 7)
 
$
1,673,566,923

 
$
541,130,272

 
$
582,264,369

 
$
883,013,079

 
$
145,685,901

 
$
655,101,947

 
$
355,250,999

 
$
7,834,135

 
$
1,307,859,440

 
$
748,807,046

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Investments in Funds, shares outstanding
 
161,074,776

 
58,500,570

 
54,265,086

 
76,056,251

 
15,887,230

 
68,453,704

 
32,772,232

 
884,214

 
133,727,959

 
61,127,106

      Investments in Funds, at cost
 
$
1,804,921,012

 
$
567,978,839

 
$
551,773,423

 
$
915,082,705

 
$
197,883,425

 
$
784,305,278

 
$
368,022,955

 
$
8,223,793

 
$
1,358,192,413

 
$
735,278,962


See notes to the financial statements.
10

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Assets and Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/Invesco Large Cap Growth Fund - A
 
JNL/Invesco Mid Cap Value Fund - A
 
JNL/Invesco Small Cap Growth Fund - A
 
JNL/Ivy Asset Strategy Fund - A
 
JNL/JPMorgan MidCap Growth Fund - A
 
JNL/JPMorgan U.S. Government & Quality Bond Fund - A
 
JNL/Lazard Emerging Markets Fund - A
 
JNL/MC 10 x 10 Fund - A
 
JNL/MC Bond Index Fund - A
 
JNL/MC Dow Jones U.S. Contrarian Opportunities Index Fund - A
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments, at fair value (a)
 
$
636,637,787

 
$
276,598,293

 
$
935,307,493

 
$
2,259,091,190

 
$
1,069,598,109

 
761,725,117

 
$
361,718,936

 
$
370,035,817

 
$
728,110,815

 
$
—

Receivables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares sold
 
232,024

 
207,142

 
254,948

 
1,797,480

 
833,105

 
298,706

 
229,291

 
137,933

 
561,560

 
—

   Investment Division units sold
 
454,729

 
104,539

 
1,126,029

 
487,734

 
990,446

 
289,365

 
168,722

 
37,428

 
335,372

 
—

Total assets
 
637,324,540

 
276,909,974

 
936,688,470

 
2,261,376,404

 
1,071,421,660

 
762,313,188

 
362,116,949

 
370,211,178

 
729,007,747

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares purchased
 
454,729

 
104,539

 
1,126,029

 
487,734

 
990,446

 
289,365

 
168,722

 
37,428

 
335,372

 
—

   Investment Division units redeemed
 
206,223

 
196,084

 
218,733

 
1,708,681

 
792,097

 
268,528

 
215,642

 
123,285

 
533,145

 
—

   Insurance fees due to Jackson
 
25,801

 
11,058

 
36,215

 
88,799

 
41,008

 
30,178

 
13,649

 
14,648

 
28,415

 
—

Total liabilities
 
686,753

 
311,681

 
1,380,977

 
2,285,214

 
1,823,551

 
588,071

 
398,013

 
175,361

 
896,932

 
—

Net assets (Note 7)
 
$
636,637,787

 
$
276,598,293

 
$
935,307,493

 
$
2,259,091,190

 
$
1,069,598,109

 
761,725,117

 
$
361,718,936

 
$
370,035,817

 
$
728,110,815

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Investments in Funds, shares outstanding
 
45,669,856

 
19,302,044

 
49,592,126

 
194,917,273

 
36,343,803

 
57,881,848

 
46,854,784

 
34,843,297

 
63,313,984

 
—

      Investments in Funds, at cost
 
$
675,146,550

 
$
269,506,682

 
$
966,524,471

 
$
2,464,337,446

 
$
1,112,438,919

 
786,854,471

 
$
486,417,355

 
$
328,289,162

 
$
755,133,019

 
$
—


See notes to the financial statements.
11

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Assets and Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/MC Emerging Markets Index Fund - A
 
JNL/MC European 30 Fund - A
 
JNL/MC Global Alpha Fund - A
 
JNL/MC Index 5 Fund - A
 
JNL/MC International Index Fund - A
 
JNL/MC Pacific Rim 30 Fund - A
 
JNL/MC S&P 400 MidCap Index Fund - A
 
JNL/MC S&P 500 Index Fund - A
 
JNL/MC Small Cap Index Fund - A
 
JNL/MC Utilities Sector Fund - A
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments, at fair value (a)
 
$
472,165,957

 
$
433,279,702

 
$
—

 
$
685,602,343

 
$
1,004,071,344

 
$
219,873,417

 
$
1,500,007,274

 
$
3,706,169,520

 
$
1,176,865,861

 
$
40,434,681

Receivables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares sold
 
263,430

 
104,625

 
—

 
316,622

 
408,372

 
64,528

 
1,285,708

 
1,467,544

 
661,057

 
24,180

   Investment Division units sold
 
379,129

 
434,297

 
—

 
33,147

 
673,625

 
470,063

 
744,185

 
3,772,969

 
554,840

 
12,028

Total assets
 
472,808,516

 
433,818,624

 
—

 
685,952,112

 
1,005,153,341

 
220,408,008

 
1,502,037,167

 
3,711,410,033

 
1,178,081,758

 
40,470,889

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares purchased
 
379,129

 
434,297

 
—

 
33,147

 
673,625

 
470,063

 
744,185

 
3,772,969

 
554,840

 
12,028

   Investment Division units redeemed
 
244,874

 
87,595

 
—

 
289,651

 
369,666

 
55,954

 
1,227,265

 
1,323,535

 
614,906

 
23,005

   Insurance fees due to Jackson
 
18,556

 
17,030

 
—

 
26,971

 
38,706

 
8,574

 
58,443

 
144,009

 
46,151

 
1,175

Total liabilities
 
642,559

 
538,922

 
—

 
349,769

 
1,081,997

 
534,591

 
2,029,893

 
5,240,513

 
1,215,897

 
36,208

Net assets (Note 7)
 
$
472,165,957

 
$
433,279,702

 
$
—

 
$
685,602,343

 
$
1,004,071,344

 
$
219,873,417

 
$
1,500,007,274

 
$
3,706,169,520

 
$
1,176,865,861

 
$
40,434,681

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Investments in Funds, shares outstanding
 
58,581,384

 
36,563,688

 
—

 
60,512,122

 
78,750,694

 
16,179,059

 
88,183,849

 
220,736,719

 
80,058,902

 
3,679,225

      Investments in Funds, at cost
 
$
580,140,019

 
$
477,832,588

 
$
—

 
$
645,832,357

 
$
1,057,885,969

 
$
235,551,066

 
$
1,548,398,253

 
$
3,285,471,440

 
$
1,243,365,274

 
$
40,486,680


See notes to the financial statements.
12

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Assets and Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/MMRS Conservative Fund - A
 
JNL/MMRS Growth Fund - A
 
JNL/MMRS Moderate Fund - A
 
JNL/Morgan Stanley Mid Cap Growth Fund - A
 
JNL/Neuberger Berman Strategic Income Fund - A
 
JNL/Oppenheimer Emerging Markets Innovator Fund - A
 
JNL/Oppenheimer Global Growth Fund - A
 
JNL/PIMCO Real Return Fund - A
 
JNL/PIMCO Total Return Bond Fund - A
 
JNL/PPM America Floating Rate Income Fund - A
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments, at fair value (a)
 
$
445,451,468

 
$
51,577,436

 
$
206,680,698

 
$
102,044,648

 
$
400,062,597

 
$
4,549,021

 
$
939,327,135

 
$
1,111,945,657

 
$
3,046,391,531

 
$
1,180,388,917

Receivables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares sold
 
746,378

 
1,491

 
1,007,295

 
65,370

 
215,694

 
127

 
308,831

 
862,872

 
1,531,264

 
1,317,585

   Investment Division units sold
 
72,462

 
5,972

 
16,502

 
62,218

 
185,083

 
86

 
858,653

 
521,021

 
1,573,486

 
444,271

Total assets
 
446,270,308

 
51,584,899

 
207,704,495

 
102,172,236

 
400,463,374

 
4,549,234

 
940,494,619

 
1,113,329,550

 
3,049,496,281

 
1,182,150,773

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares purchased
 
72,462

 
5,972

 
16,502

 
62,218

 
185,083

 
86

 
858,653

 
521,021

 
1,573,486

 
444,271

   Investment Division units redeemed
 
733,335

 
29

 
1,001,314

 
61,310

 
199,607

 
4

 
270,902

 
818,479

 
1,409,857

 
1,271,808

   Insurance fees due to Jackson
 
13,043

 
1,462

 
5,981

 
4,060

 
16,087

 
123

 
37,929

 
44,393

 
121,407

 
45,777

Total liabilities
 
818,840

 
7,463

 
1,023,797

 
127,588

 
400,777

 
213

 
1,167,484

 
1,383,893

 
3,104,750

 
1,761,856

Net assets (Note 7)
 
$
445,451,468

 
$
51,577,436

 
$
206,680,698

 
$
102,044,648

 
$
400,062,597

 
$
4,549,021

 
$
939,327,135

 
$
1,111,945,657

 
$
3,046,391,531

 
$
1,180,388,917

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Investments in Funds, shares outstanding
 
43,458,680

 
5,236,288

 
20,709,489

 
8,604,102

 
38,320,172

 
535,809

 
66,010,340

 
114,162,798

 
253,022,552

 
116,754,591

      Investments in Funds, at cost
 
$
469,842,174

 
$
54,710,498

 
$
219,419,985

 
$
109,950,396

 
$
415,354,203

 
$
4,679,243

 
$
890,342,483

 
$
1,333,858,090

 
$
3,236,511,989

 
$
1,262,786,520


See notes to the financial statements.
13

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Assets and Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/PPM America High Yield Bond Fund - A
 
JNL/PPM America Mid Cap Value Fund - A
 
JNL/PPM America Small Cap Value Fund - A
 
JNL/PPM America Value Equity Fund - A
 
JNL/Red Rocks Listed Private Equity Fund - A
 
JNL/S&P 4 Fund - A
 
JNL/S&P Competitive Advantage Fund - A
 
JNL/S&P Dividend Income & Growth Fund - A
 
JNL/S&P International 5 Fund - A
 
JNL/S&P Intrinsic Value Fund - A
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments, at fair value (a)
 
$
1,359,848,171

 
$
290,871,369

 
$
354,268,899

 
$
153,098,079

 
$
453,158,756

 
$
5,961,071,462

 
$
1,017,895,196

 
$
2,109,657,408

 
$
20,176,392

 
$
889,029,313

Receivables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares sold
 
575,403

 
264,633

 
198,509

 
98,309

 
282,977

 
3,606,281

 
675,061

 
1,336,544

 
15,951

 
628,538

   Investment Division units sold
 
747,323

 
207,820

 
577,963

 
38,224

 
43,467

 
3,452,864

 
978,484

 
840,426

 
7,316

 
445,319

Total assets
 
1,361,170,897

 
291,343,822

 
355,045,371

 
153,234,612

 
453,485,200

 
5,968,130,607

 
1,019,548,741

 
2,111,834,378

 
20,199,659

 
890,103,170

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares purchased
 
747,323

 
207,820

 
577,963

 
38,224

 
43,467

 
3,452,864

 
978,484

 
840,426

 
7,316

 
445,319

   Investment Division units redeemed
 
521,614

 
253,592

 
183,893

 
92,200

 
266,929

 
3,377,507

 
634,262

 
1,252,383

 
15,382

 
593,428

   Insurance fees due to Jackson
 
53,789

 
11,041

 
14,616

 
6,109

 
16,048

 
228,774

 
40,799

 
84,161

 
569

 
35,110

Total liabilities
 
1,322,726

 
472,453

 
776,472

 
136,533

 
326,444

 
7,059,145

 
1,653,545

 
2,176,970

 
23,267

 
1,073,857

Net assets (Note 7)
 
$
1,359,848,171

 
$
290,871,369

 
$
354,268,899

 
$
153,098,079

 
$
453,158,756

 
$
5,961,071,462

 
$
1,017,895,196

 
$
2,109,657,408

 
$
20,176,392

 
$
889,029,313

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Investments in Funds, shares outstanding
 
236,084,752

 
23,457,368

 
35,006,808

 
8,683,952

 
47,008,170

 
371,637,872

 
66,312,391

 
149,727,282

 
2,195,472

 
72,044,515

      Investments in Funds, at cost
 
$
1,624,372,344

 
$
331,191,845

 
$
401,990,125

 
$
143,604,679

 
$
488,008,816

 
$
6,045,608,361

 
$
1,064,969,156

 
$
2,038,246,075

 
$
21,562,282

 
$
1,082,935,653


See notes to the financial statements.
14

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Assets and Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/S&P Managed Aggressive Growth Fund - A
 
JNL/S&P Managed Conservative Fund - A
 
JNL/S&P Managed Growth Fund - A
 
JNL/S&P Managed Moderate Fund - A
 
JNL/S&P Managed Moderate Growth Fund - A
 
JNL/S&P Mid 3 Fund - A
 
JNL/S&P Total Yield Fund - A
 
JNL/Scout Unconstrained Bond Fund - A
 
JNL/T. Rowe Price Established Growth Fund - A
 
JNL/T. Rowe Price Mid-Cap Growth Fund - A
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments, at fair value (a)
 
$
1,664,641,074

 
$
1,389,795,865

 
$
4,587,195,037

 
$
2,971,041,883

 
$
5,606,996,994

 
$
218,006,849

 
$
477,082,076

 
$
31,987,898

 
$
3,513,720,842

 
$
3,180,255,113

Receivables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares sold
 
909,573

 
564,167

 
1,780,687

 
1,056,927

 
2,223,577

 
215,740

 
173,291

 
87,426

 
1,449,807

 
875,161

   Investment Division units sold
 
1,008,841

 
208,302

 
1,128,716

 
488,445

 
2,609,829

 
175,257

 
6,312,488

 
16,788

 
3,473,852

 
2,119,503

Total assets
 
1,666,559,488

 
1,390,568,334

 
4,590,104,440

 
2,972,587,255

 
5,611,830,400

 
218,397,846

 
483,567,855

 
32,092,112

 
3,518,644,501

 
3,183,249,777

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares purchased
 
1,008,841

 
208,302

 
1,128,716

 
488,445

 
2,609,829

 
175,257

 
6,312,488

 
16,788

 
3,473,852

 
2,119,503

   Investment Division units redeemed
 
843,348

 
507,150

 
1,598,688

 
938,097

 
2,000,667

 
207,603

 
154,665

 
86,507

 
1,312,492

 
748,797

   Insurance fees due to Jackson
 
66,225

 
57,017

 
181,999

 
118,830

 
222,910

 
8,137

 
18,626

 
919

 
137,315

 
126,364

Total liabilities
 
1,918,414

 
772,469

 
2,909,403

 
1,545,372

 
4,833,406

 
390,997

 
6,485,779

 
104,214

 
4,923,659

 
2,994,664

Net assets (Note 7)
 
$
1,664,641,074

 
$
1,389,795,865

 
$
4,587,195,037

 
$
2,971,041,883

 
$
5,606,996,994

 
$
218,006,849

 
$
477,082,076

 
$
31,987,898

 
$
3,513,720,842

 
$
3,180,255,113

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Investments in Funds, shares outstanding
 
97,920,063

 
116,203,668

 
311,841,947

 
225,934,744

 
391,550,069

 
21,692,224

 
39,657,695

 
3,342,518

 
102,202,468

 
83,978,218

      Investments in Funds, at cost
 
$
1,414,550,612

 
$
1,349,879,154

 
$
3,933,815,915

 
$
2,728,634,370

 
$
4,939,756,422

 
$
244,248,953

 
$
562,989,133

 
$
32,389,674

 
$
3,179,336,748

 
$
2,971,502,834


See notes to the financial statements.
15

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Assets and Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/T. Rowe Price Short-Term Bond Fund - A
 
JNL/T. Rowe Price Value Fund - A
 
JNL/Westchester Capital Event Driven Fund - A
 
JNL/WMC Balanced Fund - A
 
JNL/WMC Money Market Fund - A
 
JNL/WMC Value Fund - A
 
JNL/MC 25 Fund - A
 
JNL/MC Communications Sector Fund - A
 
JNL/MC Consumer Brands Sector Fund - A
 
JNL/MC Dow Index Fund - A
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments, at fair value (a)
 
$
901,709,313

 
$
1,327,464,465

 
$
2,962,618

 
$
4,591,554,609

 
$
1,489,593,582

 
$
619,043,802

 
$
—

 
$
104,278,370

 
$
908,533,027

 
$
495,119,505

Receivables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares sold
 
519,971

 
1,241,900

 
1,096

 
1,821,739

 
8,316,378

 
523,131

 
—

 
79,413

 
867,101

 
376,647

   Investment Division units sold
 
1,243,783

 
663,067

 
—

 
3,054,174

 
1,965,852

 
234,709

 
—

 
9,603

 
507,080

 
140,111

Total assets
 
903,473,067

 
1,329,369,432

 
2,963,714

 
4,596,430,522

 
1,499,875,812

 
619,801,642

 
—

 
104,367,386

 
909,907,208

 
495,636,263

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares purchased
 
1,243,783

 
663,067

 
—

 
3,054,174

 
1,965,852

 
234,709

 
—

 
9,603

 
507,080

 
140,111

   Investment Division units redeemed
 
485,137

 
1,190,767

 
1,009

 
1,647,211

 
8,258,028

 
498,439

 
—

 
75,254

 
830,998

 
356,503

   Insurance fees due to Jackson
 
34,834

 
51,133

 
87

 
174,528

 
58,350

 
24,692

 
—

 
4,159

 
36,103

 
20,144

Total liabilities
 
1,763,754

 
1,904,967

 
1,096

 
4,875,913

 
10,282,230

 
757,840

 
—

 
89,016

 
1,374,181

 
516,758

Net assets (Note 7)
 
$
901,709,313

 
$
1,327,464,465

 
$
2,962,618

 
$
4,591,554,609

 
$
1,489,593,582

 
$
619,043,802

 
$
—

 
$
104,278,370

 
$
908,533,027

 
$
495,119,505

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Investments in Funds, shares outstanding
 
91,917,361

 
85,808,951

 
312,183

 
220,429,890

 
1,489,593,582

 
30,109,134

 
—

 
23,380,801

 
50,841,244

 
26,462,828

      Investments in Funds, at cost
 
$
916,285,833

 
$
1,302,126,577

 
$
3,017,136

 
$
4,344,581,314

 
$
1,489,593,582

 
$
620,512,339

 
$
—

 
$
99,707,172

 
$
892,857,028

 
$
384,484,865



See notes to the financial statements.
16

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Assets and Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/MC Financial Sector Fund - A
 
JNL/MC Global 30 Fund - A
 
JNL/MC Healthcare Sector Fund - A
 
JNL/MC JNL 5 Fund - A
 
JNL/MC JNL Optimized 5 Fund - A
 
JNL/MC Nasdaq 25 Fund - A
 
JNL/MC Oil & Gas Sector Fund - A
 
JNL/MC S&P 24 Fund - A
 
JNL/MC S&P SMid 60 Fund - A
 
JNL/MC Technology Sector Fund - A
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments, at fair value (a)
 
$
656,579,776

 
$
353,707,369

 
$
2,840,786,231

 
$
2,829,536,007

 
$
—

 
$
836,207,228

 
$
1,103,030,194

 
$
583,190,307

 
$
315,207,899

 
$
1,172,349,636

Receivables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares sold
 
305,203

 
269,758

 
1,412,814

 
3,177,832

 
—

 
314,189

 
403,471

 
873,581

 
438,469

 
610,863

   Investment Division units sold
 
476,574

 
217,194

 
2,821,317

 
864,666

 
—

 
781,121

 
1,152,921

 
508,706

 
369,139

 
815,172

Total assets
 
657,361,553

 
354,194,321

 
2,845,020,362

 
2,833,578,505

 
—

 
837,302,538

 
1,104,586,586

 
584,572,594

 
316,015,507

 
1,173,775,671

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Investments in Fund shares purchased
 
476,574

 
217,194

 
2,821,317

 
864,666

 
—

 
781,121

 
1,152,921

 
508,706

 
369,139

 
815,172

   Investment Division units redeemed
 
279,205

 
255,447

 
1,301,145

 
3,064,129

 
—

 
281,121

 
359,752

 
849,952

 
426,162

 
564,545

   Insurance fees due to Jackson
 
25,998

 
14,311

 
111,669

 
113,703

 
—

 
33,068

 
43,719

 
23,629

 
12,307

 
46,318

Total liabilities
 
781,777

 
486,952

 
4,234,131

 
4,042,498

 
—

 
1,095,310

 
1,556,392

 
1,382,287

 
807,608

 
1,426,035

Net assets (Note 7)
 
$
656,579,776

 
$
353,707,369

 
$
2,840,786,231

 
$
2,829,536,007

 
$
—

 
$
836,207,228

 
$
1,103,030,194

 
$
583,190,307

 
$
315,207,899

 
$
1,172,349,636

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Investments in Funds, shares outstanding
 
62,951,081

 
16,070,303

 
110,924,882

 
227,089,567

 
—

 
44,173,652

 
50,069,460

 
72,087,801

 
43,417,066

 
112,401,691

      Investments in Funds, at cost
 
$
635,354,566

 
$
318,480,382

 
$
2,552,983,418

 
$
2,517,330,740

 
$
—

 
$
857,523,744

 
$
1,472,517,033

 
$
835,034,824

 
$
452,034,982

 
$
1,099,824,566


See notes to the financial statements.
17

Jackson National Separate Account I
Statements of Assets and Liabilities
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
JNL/MC Value Line 30 Fund - A
 
JNL/PPM America Total Return Fund - A
Assets
 
 
 
 
Investments, at fair value (a)
 
$
—

 
$
45,461,189

Receivables:
 
 
 
 
   Investments in Fund shares sold
 
—

 
71,844

   Investment Division units sold
 
—

 
284,353

Total assets
 
—

 
45,817,386

 
 
 
 
 
Liabilities
 
 
 
 
Payables:
 
 
 
 
   Investments in Fund shares purchased
 
—

 
284,353

   Investment Division units redeemed
 
—

 
70,152

   Insurance fees due to Jackson
 
—

 
1,692

Total liabilities
 
—

 
356,197

Net assets (Note 7)
 
$
—

 
$
45,461,189

 
 
 
 
 
 
 
 
 
 
(a) Investments in Funds, shares outstanding
 
—

 
3,977,357

      Investments in Funds, at cost
 
$
—

 
46,897,451



See notes to the financial statements.
18

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CG - Alt 100 Conservative Fund (a)
 
CG - Alt 100 Growth Fund (a)
 
CG - Institutional Alt 65 Fund (a)
 
CG - International Conservative Fund (a)
 
CG - International Growth Fund (a)
 
CG - International Moderate Fund (a)
 
CG - Multi-Strategy Income Fund (a)
 
CG - Tactical Maximum Growth Fund (a)
 
CG - Tactical Moderate Growth Fund (a)
 
Curian Dynamic Risk Advantage - Diversified Fund (a)
Investment income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Dividends
 
$
407,398

 
$
1,744,263

 
$
2,210,585

 
$
30,990

 
$
87,966

 
$
115,843

 
$
569,564

 
$
1,359,832

 
$
3,320,843

 
$
1,230,379

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Asset-based charges (Note 3)
 
117,373

 
348,276

 
418,865

 
16,666

 
26,326

 
34,869

 
129,176

 
299,766

 
953,996

 
824,540

Total expenses
 
117,373

 
348,276

 
418,865

 
16,666

 
26,326

 
34,869

 
129,176

 
299,766

 
953,996

 
824,540

Net investment income (loss)
 
290,025

 
1,395,987

 
1,791,720

 
14,324

 
61,640

 
80,974

 
440,388

 
1,060,066

 
2,366,847

 
405,839

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized and unrealized gain (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Distributions from investment companies
 
434,839

 
2,141,178

 
6,856,572

 
33,662

 
155,187

 
172,909

 
234,054

 
4,422,646

 
8,493,304

 
13,420,816

   Investments
 
616,092

 
(341,156
)
 
1,854,889

 
(204,913
)
 
(62,853
)
 
(412,954
)
 
(244,371
)
 
3,863,988

 
15,730,398

 
2,978,132

Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   (depreciation) on investments
 
(265,790
)
 
66,980

 
(5,604,255
)
 
181,175

 
236,732

 
452,303

 
198,214

 
(5,054,300
)
 
(10,860,176
)
 
(10,237,793
)
Net realized and unrealized gain (loss)
 
785,141

 
1,867,002

 
3,107,206

 
9,924

 
329,066

 
212,258

 
187,897

 
3,232,334

 
13,363,526

 
6,161,155

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
$
1,075,166

 
$
3,262,989

 
$
4,898,926

 
$
24,248

 
$
390,706

 
$
293,232

 
$
628,285

 
$
4,292,400

 
$
15,730,373

 
$
6,566,994

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) The period is from January 1, 2015 through April 27, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements.
 
 
 
 
 
 

See notes to the financial statements.
19

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Curian Dynamic Risk Advantage - Growth Fund (a)
 
Curian Dynamic Risk Advantage - Income Fund (a)
 
Curian/Aberdeen Latin America Fund (a)
 
Curian/Ashmore Emerging Market Small Cap Equity Fund (a)
 
Curian/Baring International Fixed Income Fund (a)
 
Curian/ CenterSquare International Real Estate Securities Fund (a)
 
Curian/PineBridge Merger Arbitrage Fund (a)
 
Curian/Schroder Emerging Europe Fund (a)
 
Curian/UBS Global Long Short Fixed Income Opportunities Fund (a)
 
JG - Alt 100 Fund
Investment income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Dividends
 
$
—

 
$
4,499,582

 
$
205

 
$
7,832

 
$
—

 
$
69,554

 
$
—

 
$
—

 
$
530,794

 
$
4,986,535

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Asset-based charges (Note 3)
 
185,456

 
610,401

 
5,204

 
12,008

 
13,394

 
28,716

 
208,758

 
10,033

 
51,294

 
4,497,617

Total expenses
 
185,456

 
610,401

 
5,204

 
12,008

 
13,394

 
28,716

 
208,758

 
10,033

 
51,294

 
4,497,617

Net investment income (loss)
 
(185,456
)
 
3,889,181

 
(4,999
)
 
(4,176
)
 
(13,394
)
 
40,838

 
(208,758
)
 
(10,033
)
 
479,500

 
488,918

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized and unrealized gain (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Distributions from investment companies
 
—

 
2,393,058

 
—

 
15,499

 
1,908

 
—

 
942,961

 
—

 
132,406

 
7,538,997

   Investments
 
(1,102,448
)
 
2,809,696

 
(405,221
)
 
110,258

 
(333,939
)
 
179,820

 
(1,234,851
)
 
(511,193
)
 
(997,527
)
 
(31,672
)
Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   (depreciation) on investments
 
3,123,663

 
(6,488,403
)
 
346,022

 
289,643

 
230,235

 
280,738

 
366,004

 
730,486

 
565,536

 
(27,381,944
)
Net realized and unrealized gain (loss)
 
2,021,215

 
(1,285,649
)
 
(59,199
)
 
415,400

 
(101,796
)
 
460,558

 
74,114

 
219,293

 
(299,585
)
 
(19,874,619
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
$
1,835,759

 
$
2,603,532

 
$
(64,198
)
 
$
411,224

 
$
(115,190
)
 
$
501,396

 
$
(134,644
)
 
$
209,260

 
$
179,915

 
$
(19,385,701
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) The period is from January 1, 2015 through April 27, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements.
 
 
 
 
 
 


See notes to the financial statements.
20

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JG - Conservative Fund
 
JG - Equity 100 Fund
 
JG - Equity Income Fund (a)
 
JG - Fixed Income 100 Fund
 
JG - Growth Fund
 
JG - Interest Rate Opportunities Fund
 
JG - Maximum Growth Fund
 
JG - Moderate Fund
 
JG - Moderate Growth Fund
 
JG - Real Assets Fund
Investment income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Dividends
 
$
1,357,367

 
$
1,859,442

 
$
649,930

 
$
780,292

 
$
3,125,766

 
$
459,267

 
$
2,490,853

 
$
5,941,833

 
$
9,251,651

 
$
64,773

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Asset-based charges (Note 3)
 
1,268,165

 
840,208

 
490,059

 
692,863

 
2,060,301

 
502,953

 
1,917,034

 
3,984,306

 
7,484,986

 
107,780

Total expenses
 
1,268,165

 
840,208

 
490,059

 
692,863

 
2,060,301

 
502,953

 
1,917,034

 
3,984,306

 
7,484,986

 
107,780

Net investment income (loss)
 
89,202

 
1,019,234

 
159,871

 
87,429

 
1,065,465

 
(43,686
)
 
573,819

 
1,957,527

 
1,766,665

 
(43,007
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized and unrealized gain (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Distributions from investment companies
 
1,306,938

 
7,336,400

 
1,119,213

 
57,954

 
5,153,172

 
557,142

 
6,388,662

 
8,620,632

 
13,786,754

 
268,570

   Investments
 
(12,047
)
 
881,816

 
(1,847,597
)
 
(506,254
)
 
698,020

 
(262,525
)
 
328,749

 
1,399,909

 
1,726,413

 
(405,025
)
Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   (depreciation) on investments
 
(4,975,641
)
 
(11,184,480
)
 
(4,485,376
)
 
(2,430,327
)
 
(12,777,498
)
 
(2,630,239
)
 
(18,394,009
)
 
(22,347,656
)
 
(50,635,969
)
 
(1,143,922
)
Net realized and unrealized gain (loss)
 
(3,680,750
)
 
(2,966,264
)
 
(5,213,760
)
 
(2,878,627
)
 
(6,926,306
)
 
(2,335,622
)
 
(11,676,598
)
 
(12,327,115
)
 
(35,122,802
)
 
(1,280,377
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
$
(3,591,548
)
 
$
(1,947,030
)
 
$
(5,053,889
)
 
$
(2,791,198
)
 
$
(5,860,841
)
 
$
(2,379,308
)
 
$
(11,102,779
)
 
$
(10,369,588
)
 
$
(33,356,137
)
 
$
(1,323,384
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) The period is from January 1, 2015 through September 28, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements.
 
 
 
 

See notes to the financial statements.
21

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL Tactical ETF Conservative Fund
 
JNL Tactical ETF Growth Fund
 
JNL Tactical ETF Moderate Fund
 
JNL/American Funds Growth Fund
 
JNL/American Funds Global Growth Fund
 
JNL/AQR Risk Parity Fund
 
JNL/BlackRock Global Long Short Credit Fund
 
JNL/DFA U.S. Micro Cap Fund
 
JNL/DoubleLine Total Return Fund
 
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund
Investment income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Dividends
 
$
701,819

 
$
1,342,806

 
$
1,537,038

 
$
725,540

 
$
272,344

 
$
9,936,566

 
$
3,460,944

 
$
—

 
$
4,464,778

 
$
2,082,107

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Asset-based charges (Note 3)
 
604,556

 
1,171,349

 
1,455,292

 
1,323,071

 
626,478

 
277,686

 
686,789

 
367,862

 
1,676,977

 
265,158

Total expenses
 
604,556

 
1,171,349

 
1,455,292

 
1,323,071

 
626,478

 
277,686

 
686,789

 
367,862

 
1,676,977

 
265,158

Net investment income (loss)
 
97,263

 
171,457

 
81,746

 
(597,531
)
 
(354,134
)
 
9,658,880

 
2,774,155

 
(367,862
)
 
2,787,801

 
1,816,949

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized and unrealized gain (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Distributions from investment companies
 
498,945

 
2,454,802

 
2,228,571

 
3,738,918

 
1,610,957

 
12,223,695

 
500,538

 
13,111,774

 
—

 
—

   Investments
 
415,338

 
1,352,275

 
919,569

 
3,260,571

 
411,866

 
(2,129,974
)
 
(68,943
)
 
(437,714
)
 
438,495

 
133,621

Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   (depreciation) on investments
 
(1,732,902
)
 
(5,995,350
)
 
(5,555,544
)
 
(1,224,455
)
 
(571,021
)
 
(23,456,198
)
 
(5,068,028
)
 
(14,563,546
)
 
(4,472,357
)
 
(2,002,409
)
Net realized and unrealized gain (loss)
 
(818,619
)
 
(2,188,273
)
 
(2,407,404
)
 
5,775,034

 
1,451,802

 
(13,362,477
)
 
(4,636,433
)
 
(1,889,486
)
 
(4,033,862
)
 
(1,868,788
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
$
(721,356
)
 
$
(2,016,816
)
 
$
(2,325,658
)
 
$
5,177,503

 
$
1,097,668

 
$
(3,703,597
)
 
$
(1,862,278
)
 
$
(2,257,348
)
 
$
(1,246,061
)
 
$
(51,839
)

See notes to the financial statements.
22

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/Epoch Global Shareholder Yield Fund
 
JNL/FAMCO Flex Core Covered Call Fund
 
JNL/Franklin Templeton Natural Resources Fund (a)
 
JNL/Lazard International Strategic Equity Fund
 
JNL/MC Frontier Markets 100 Index Fund
 
JNL/Neuberger Berman Currency Fund
 
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund
 
JNL/Nicholas Convertible Arbitrage Fund
 
JNL/PIMCO Credit Income Fund
 
JNL/PPM America Long Short Credit Fund
Investment income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Dividends
 
$
490,051

 
$
2,238,611

 
$
945,593

 
$
303,999

 
$
2,974,732

 
$
221,470

 
$
—

 
$
1,160,348

 
$
1,154,090

 
$
543,791

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Asset-based charges (Note 3)
 
295,136

 
1,267,033

 
220,150

 
289,468

 
175,721

 
134,283

 
51,860

 
1,028,599

 
498,499

 
152,285

Total expenses
 
295,136

 
1,267,033

 
220,150

 
289,468

 
175,721

 
134,283

 
51,860

 
1,028,599

 
498,499

 
152,285

Net investment income (loss)
 
194,915

 
971,578

 
725,443

 
14,531

 
2,799,011

 
87,187

 
(51,860
)
 
131,749

 
655,591

 
391,506

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized and unrealized gain (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Distributions from investment companies
 
230,835

 
1,502,311

 
11,275,502

 
—

 
11,025,765

 
162

 
—

 
—

 
—

 
—

   Investments
 
(174,632
)
 
1,738,302

 
(30,835,614
)
 
101,192

 
(2,480,743
)
 
6,731

 
(552,650
)
 
(1,017,617
)
 
354,788

 
(278,516
)
Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   (depreciation) on investments
 
(2,029,808
)
 
(9,799,403
)
 
11,803,867

 
(501,187
)
 
(14,271,384
)
 
(36,260
)
 
(988,980
)
 
(5,023,380
)
 
(2,388,476
)
 
(848,000
)
Net realized and unrealized gain (loss)
 
(1,973,605
)
 
(6,558,790
)
 
(7,756,245
)
 
(399,995
)
 
(5,726,362
)
 
(29,367
)
 
(1,541,630
)
 
(6,040,997
)
 
(2,033,688
)
 
(1,126,516
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
$
(1,778,690
)
 
$
(5,587,212
)
 
$
(7,030,802
)
 
$
(385,464
)
 
$
(2,927,351
)
 
$
57,820

 
$
(1,593,490
)
 
$
(5,909,248
)
 
$
(1,378,097
)
 
$
(735,010
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) The period is from January 1, 2015 through September 28, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements.
 
 
 
 
 

See notes to the financial statements.
23

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/T. Rowe Price Capital Appreciation Fund
 
JNL/The Boston Company Equity Income Fund
 
JNL/The London Company Focused U.S. Equity Fund
 
JNL/Van Eck International Gold Fund
 
JNL/WCM Focused International Equity Fund
 
JNL Alt 65 Fund - A
 
JNL Disciplined Growth Fund - A
 
JNL Disciplined Moderate Fund - A
 
JNL Disciplined Moderate Growth Fund - A
 
JNL Institutional Alt 20 Fund - A
Investment income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Dividends
 
$
52,069

 
$
526,411

 
$
19,533

 
$
916,669

 
$
1,746

 
$
11,829,701

 
$
17,588,410

 
$
29,964,299

 
$
39,491,480

 
$
37,430,989

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Asset-based charges (Note 3)
 
2,071,556

 
688,713

 
87,727

 
282,776

 
55,926

 
9,113,808

 
9,971,723

 
17,920,741

 
22,095,819

 
22,975,788

Total expenses
 
2,071,556

 
688,713

 
87,727

 
282,776

 
55,926

 
9,113,808

 
9,971,723

 
17,920,741

 
22,095,819

 
22,975,788

Net investment income (loss)
 
(2,019,487
)
 
(162,302
)
 
(68,194
)
 
633,893

 
(54,180
)
 
2,715,893

 
7,616,687

 
12,043,558

 
17,395,661

 
14,455,201

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized and unrealized gain (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Distributions from investment companies
 
605,129

 
2,809,507

 
36,588

 
—

 
—

 
38,443,945

 
29,796,083

 
28,642,340

 
52,921,724

 
134,694,412

   Investments
 
764,696

 
1,101,380

 
32,553

 
(3,957,318
)
 
17,813

 
2,917,419

 
10,466,096

 
14,923,297

 
22,834,708

 
26,212,018

Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   (depreciation) on investments
 
4,503,186

 
(2,042,906
)
 
(350,317
)
 
(5,338,868
)
 
84,517

 
(68,339,003
)
 
(77,694,205
)
 
(97,028,840
)
 
(150,207,206
)
 
(233,040,526
)
Net realized and unrealized gain (loss)
 
5,873,011

 
1,867,981

 
(281,176
)
 
(9,296,186
)
 
102,330

 
(26,977,639
)
 
(37,432,026
)
 
(53,463,203
)
 
(74,450,774
)
 
(72,134,096
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
$
3,853,524

 
$
1,705,679

 
$
(349,370
)
 
$
(8,662,293
)
 
$
48,150

 
$
(24,261,746
)
 
$
(29,815,339
)
 
$
(41,419,645
)
 
$
(57,055,113
)
 
$
(57,678,895
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See notes to the financial statements.
24

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL Institutional Alt 35 Fund - A
 
JNL Institutional Alt 50 Fund - A
 
JNL Multi-Manager Alternative Fund - A (a)
 
JNL Multi-Manager Small Cap Growth Fund - A
 
JNL Multi-Manager Small Cap Value Fund - A
 
JNL/AB Dynamic Asset Allocation Fund - A
 
JNL/American Funds Balanced Allocation Fund - A
 
JNL/American Funds Blue Chip Income and Growth Fund - A
 
JNL/American Funds Global Bond Fund - A
 
JNL/American Funds Global Small Capitalization Fund - A
Investment income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Dividends
 
$
48,318,073

 
$
67,201,948

 
$
—

 
$
—

 
$
1,851,546

 
$
—

 
$
11,768,489

 
$
45,037,580

 
$
5,706,641

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Asset-based charges (Note 3)
 
30,436,167

 
43,589,507

 
26,858

 
16,077,117

 
8,138,702

 
276,551

 
13,774,768

 
26,146,626

 
6,530,890

 
6,479,523

Total expenses
 
30,436,167

 
43,589,507

 
26,858

 
16,077,117

 
8,138,702

 
276,551

 
13,774,768

 
26,146,626

 
6,530,890

 
6,479,523

Net investment income (loss)
 
17,881,906

 
23,612,441

 
(26,858
)
 
(16,077,117
)
 
(6,287,156
)
 
(276,551
)
 
(2,006,279
)
 
18,890,954

 
(824,249
)
 
(6,479,523
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized and unrealized gain (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Distributions from investment companies
 
158,586,599

 
177,730,043

 
—

 
148,033,158

 
33,403,383

 
371,161

 
17,222,011

 
4,176,966

 
3,876,277

 
8,975,668

   Investments
 
32,990,929

 
39,485,826

 
(13,359
)
 
23,974,314

 
6,838,498

 
(78,249
)
 
8,921,588

 
67,707,263

 
(5,783,873
)
 
11,835,824

Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   (depreciation) on investments
 
(284,998,440
)
 
(340,602,382
)
 
(125,882
)
 
(224,842,450
)
 
(97,214,175
)
 
(1,272,687
)
 
(46,429,750
)
 
(179,235,977
)
 
(22,931,708
)
 
(35,049,334
)
Net realized and unrealized gain (loss)
 
(93,420,912
)
 
(123,386,513
)
 
(139,241
)
 
(52,834,978
)
 
(56,972,294
)
 
(979,775
)
 
(20,286,151
)
 
(107,351,748
)
 
(24,839,304
)
 
(14,237,842
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
$
(75,539,006
)
 
$
(99,774,072
)
 
$
(166,099
)
 
$
(68,912,095
)
 
$
(63,259,450
)
 
$
(1,256,326
)
 
$
(22,292,430
)
 
$
(88,460,794
)
 
$
(25,663,553
)
 
$
(20,717,365
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations April 27, 2015.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See notes to the financial statements.
25

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/American Funds Growth-Income Fund - A
 
JNL/American Funds Growth Allocation Fund - A
 
JNL/American Funds International Fund - A
 
JNL/American Funds New World Fund - A
 
JNL/AQR Managed Futures Strategy Fund - A
 
JNL/BlackRock Global Allocation Fund - A
 
JNL/BlackRock Large Cap Select Growth Fund - A
 
JNL/BlackRock Natural Resources Fund - A
 
JNL/Boston Partners Global Long Short Equity Fund - A
 
JNL/Brookfield Global Infrastructure and MLP Fund - A
Investment income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Dividends
 
$
20,243,233

 
$
8,762,570

 
$
7,411,738

 
$
6,486,841

 
$
15,180,925

 
$
71,281,822

 
$
—

 
$
3,674,517

 
$
—

 
$
12,438,366

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Asset-based charges (Note 3)
 
36,738,377

 
11,379,839

 
12,145,565

 
10,759,158

 
1,714,432

 
48,221,854

 
11,641,278

 
11,262,380

 
128,701

 
10,427,221

Total expenses
 
36,738,377

 
11,379,839

 
12,145,565

 
10,759,158

 
1,714,432

 
48,221,854

 
11,641,278

 
11,262,380

 
128,701

 
10,427,221

Net investment income (loss)
 
(16,495,144
)
 
(2,617,269
)
 
(4,733,827
)
 
(4,272,317
)
 
13,466,493

 
23,059,968

 
(11,641,278
)
 
(7,587,863
)
 
(128,701
)
 
2,011,145

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized and unrealized gain (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Distributions from investment companies
 
95,905,459

 
19,593,675

 
1,547,922

 
66,980,457

 
—

 
189,617,052

 
51,667,592

 
—

 
—

 
24,824,033

   Investments
 
69,439,420

 
7,636,134

 
7,422,109

 
(3,176,887
)
 
689,173

 
35,320,462

 
27,635,629

 
(38,619,674
)
 
66,119

 
(20,275,696
)
Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   (depreciation) on investments
 
(170,160,990
)
 
(40,589,255
)
 
(77,613,837
)
 
(98,830,965
)
 
(17,706,708
)
 
(351,011,596
)
 
(38,559,626
)
 
(165,012,339
)
 
523,988

 
(167,955,275
)
Net realized and unrealized gain (loss)
 
(4,816,111
)
 
(13,359,446
)
 
(68,643,806
)
 
(35,027,395
)
 
(17,017,535
)
 
(126,074,082
)
 
40,743,595

 
(203,632,013
)
 
590,107

 
(163,406,938
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
$
(21,311,255
)
 
$
(15,976,715
)
 
$
(73,377,633
)
 
$
(39,299,712
)
 
$
(3,551,042
)
 
$
(103,014,114
)
 
$
29,102,317

 
$
(211,219,876
)
 
$
461,406

 
$
(161,395,793
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See notes to the financial statements.
26

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/Capital Guardian Global Balanced Fund - A
 
JNL/Capital Guardian Global Diversified Research Fund - A
 
JNL/Causeway International Value Select Fund - A
 
JNL/DFA U.S. Core Equity Fund - A
 
JNL/DoubleLine Shiller Enhanced CAPE Fund - A (a)
 
JNL/Eastspring Investments Asia ex-Japan Fund - A
 
JNL/Eastspring Investments China-India Fund - A
 
JNL/Franklin Templeton Founding Strategy Fund - A
 
JNL/Franklin Templeton Global Growth Fund - A
 
JNL/Franklin Templeton Global Multisector Bond Fund - A
Investment income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Dividends
 
$
3,371,626

 
$
3,785,790

 
$
15,037,536

 
$
5,274,883

 
$
—

 
$
2,380,512

 
$
3,527,944

 
$
23,384,873

 
$
10,524,102

 
$
59,288,180

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Asset-based charges (Note 3)
 
6,732,221

 
6,290,317

 
6,834,560

 
8,474,625

 
23,634

 
1,819,251

 
5,760,944

 
21,925,692

 
7,007,879

 
10,096,432

Total expenses
 
6,732,221

 
6,290,317

 
6,834,560

 
8,474,625

 
23,634

 
1,819,251

 
5,760,944

 
21,925,692

 
7,007,879

 
10,096,432

Net investment income (loss)
 
(3,360,595
)
 
(2,504,527
)
 
8,202,976

 
(3,199,742
)
 
(23,634
)
 
561,261

 
(2,233,000
)
 
1,459,181

 
3,516,223

 
49,191,748

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized and unrealized gain (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Distributions from investment companies
 
25,594,981

 
—

 
—

 
21,844,559

 
—

 
2,777,983

 
270,013

 
2,307,520

 
11,611,380

 
1,953,529

   Investments
 
11,423,982

 
26,634,046

 
(3,469,802
)
 
19,181,099

 
2,555

 
(3,487,367
)
 
9,996,522

 
49,480,222

 
12,019,091

 
(10,108,421
)
Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   (depreciation) on investments
 
(47,645,710
)
 
(21,754,649
)
 
(29,844,836
)
 
(61,510,003
)
 
92,202

 
(23,439,100
)
 
(37,553,242
)
 
(164,844,329
)
 
(64,761,203
)
 
(81,614,655
)
Net realized and unrealized gain (loss)
 
(10,626,747
)
 
4,879,397

 
(33,314,638
)
 
(20,484,345
)
 
94,757

 
(24,148,484
)
 
(27,286,707
)
 
(113,056,587
)
 
(41,130,732
)
 
(89,769,547
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
$
(13,987,342
)
 
$
2,374,870

 
$
(25,111,662
)
 
$
(23,684,087
)
 
$
71,123

 
$
(23,587,223
)
 
$
(29,519,707
)
 
$
(111,597,406
)
 
$
(37,614,509
)
 
$
(40,577,799
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations September 28, 2015.

See notes to the financial statements.
27

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/Franklin Templeton Income Fund - A
 
JNL/Franklin Templeton International Small Cap Growth Fund - A
 
JNL/Franklin Templeton Mutual Shares Fund - A
 
JNL/Goldman Sachs Core Plus Bond Fund - A
 
JNL/Goldman Sachs Emerging Markets Debt Fund - A
 
JNL/Goldman Sachs Mid Cap Value Fund - A
 
JNL/Goldman Sachs U.S. Equity Flex Fund - A
 
JNL/Harris Oakmark Global Equity Fund - A (a)
 
JNL/Invesco Global Real Estate Fund - A
 
JNL/Invesco International Growth Fund - A
Investment income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Dividends
 
$
74,892,066

 
$
4,577,588

 
$
20,763,763

 
$
18,262,660

 
$
—

 
$
4,023,188

 
$
—

 
$
—

 
$
37,618,993

 
$
13,400,872

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Asset-based charges (Note 3)
 
27,033,731

 
6,969,501

 
9,113,393

 
12,617,691

 
2,414,935

 
10,686,918

 
5,001,732

 
30,069

 
19,735,418

 
9,987,947

Total expenses
 
27,033,731

 
6,969,501

 
9,113,393

 
12,617,691

 
2,414,935

 
10,686,918

 
5,001,732

 
30,069

 
19,735,418

 
9,987,947

Net investment income (loss)
 
47,858,335

 
(2,391,913
)
 
11,650,370

 
5,644,969

 
(2,414,935
)
 
(6,663,730
)
 
(5,001,732
)
 
(30,069
)
 
17,883,575

 
3,412,925

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized and unrealized gain (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Distributions from investment companies
 
—

 
31,487,009

 
26,924,457

 
—

 
—

 
59,466,070

 
30,422,029

 
—

 
79,340,134

 
—

   Investments
 
11,224,706

 
6,066,207

 
22,303,499

 
(4,219,881
)
 
(13,902,054
)
 
(6,432,300
)
 
9,665,614

 
(146,507
)
 
32,579,169

 
12,258,223

Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   (depreciation) on investments
 
(224,402,889
)
 
(30,115,274
)
 
(98,658,082
)
 
(11,746,662
)
 
(8,239,766
)
 
(123,209,008
)
 
(47,091,353
)
 
(389,658
)
 
(170,519,272
)
 
(47,406,638
)
Net realized and unrealized gain (loss)
 
(213,178,183
)
 
7,437,942

 
(49,430,126
)
 
(15,966,543
)
 
(22,141,820
)
 
(70,175,238
)
 
(7,003,710
)
 
(536,165
)
 
(58,599,969
)
 
(35,148,415
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
$
(165,319,848
)
 
$
5,046,029

 
$
(37,779,756
)
 
$
(10,321,574
)
 
$
(24,556,755
)
 
$
(76,838,968
)
 
$
(12,005,442
)
 
$
(566,234
)
 
$
(40,716,394
)
 
$
(31,735,490
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations April 27, 2015.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See notes to the financial statements.
28

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/Invesco Large Cap Growth Fund - A
 
JNL/Invesco Mid Cap Value Fund - A
 
JNL/Invesco Small Cap Growth Fund - A
 
JNL/Ivy Asset Strategy Fund - A
 
JNL/JPMorgan MidCap Growth Fund - A
 
JNL/JPMorgan U.S. Government & Quality Bond Fund - A
 
JNL/Lazard Emerging Markets Fund - A
 
JNL/MC 10 x 10 Fund - A
 
JNL/MC Bond Index Fund - A
 
JNL/MC Dow Jones U.S. Contrarian Opportunities Index Fund - A (a)
Investment income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Dividends
 
$
—

 
$
1,005,224

 
$
—

 
$
17,719,837

 
$
—

 
$
16,498,866

 
$
13,164,996

 
$
7,648,747

 
$
14,298,398

 
$
352,768

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Asset-based charges (Note 3)
 
8,326,001

 
4,477,150

 
11,740,742

 
37,824,584

 
13,445,634

 
10,275,600

 
6,163,256

 
5,627,055

 
10,243,834

 
1,120,159

Total expenses
 
8,326,001

 
4,477,150

 
11,740,742

 
37,824,584

 
13,445,634

 
10,275,600

 
6,163,256

 
5,627,055

 
10,243,834

 
1,120,159

Net investment income (loss)
 
(8,326,001
)
 
(3,471,926
)
 
(11,740,742
)
 
(20,104,747
)
 
(13,445,634
)
 
6,223,266

 
7,001,740

 
2,021,692

 
4,054,564

 
(767,391
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized and unrealized gain (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Distributions from investment companies
 
68,116,220

 
8,231,902

 
55,036,641

 
131,690,879

 
112,044,018

 
—

 
4,268,105

 
9,355,254

 
2,126,445

 
19,794,382

   Investments
 
5,372,933

 
14,625,348

 
19,955,383

 
28,955,255

 
28,097,401

 
(3,815,542
)
 
(15,918,259
)
 
14,698,966

 
(2,782,416
)
 
(36,400,223
)
Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   (depreciation) on investments
 
(45,707,000
)
 
(51,428,853
)
 
(112,032,667
)
 
(416,854,786
)
 
(137,027,460
)
 
(10,997,571
)
 
(88,341,288
)
 
(40,214,748
)
 
(15,673,443
)
 
8,792,174

Net realized and unrealized gain (loss)
 
27,782,153

 
(28,571,603
)
 
(37,040,643
)
 
(256,208,652
)
 
3,113,959

 
(14,813,113
)
 
(99,991,442
)
 
(16,160,528
)
 
(16,329,414
)
 
(7,813,667
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
$
19,456,152

 
$
(32,043,529
)
 
$
(48,781,385
)
 
$
(276,313,399
)
 
$
(10,331,675
)
 
$
(8,589,847
)
 
$
(92,989,702
)
 
$
(14,138,836
)
 
$
(12,274,850
)
 
$
(8,581,058
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) The period is from January 1, 2015 through September 28, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements.

See notes to the financial statements.
29

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/MC Emerging Markets Index Fund - A
 
JNL/MC European 30 Fund - A
 
JNL/MC Global Alpha Fund - A (a)
 
JNL/MC Index 5 Fund - A
 
JNL/MC International Index Fund - A
 
JNL/MC Pacific Rim 30 Fund - A
 
JNL/MC S&P 400 MidCap Index Fund - A
 
JNL/MC S&P 500 Index Fund - A
 
JNL/MC Small Cap Index Fund - A
 
JNL/MC Utilities Sector Fund - A
Investment income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Dividends
 
$
8,217,133

 
$
7,159,842

 
$
—

 
$
12,629,797

 
$
22,602,347

 
$
4,412,395

 
$
13,518,557

 
$
51,519,944

 
$
7,431,721

 
$
548,623

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Asset-based charges (Note 3)
 
7,393,370

 
5,461,674

 
176,650

 
10,153,981

 
14,047,463

 
2,782,427

 
20,834,388

 
49,281,867

 
18,074,660

 
465,908

Total expenses
 
7,393,370

 
5,461,674

 
176,650

 
10,153,981

 
14,047,463

 
2,782,427

 
20,834,388

 
49,281,867

 
18,074,660

 
465,908

Net investment income (loss)
 
823,763

 
1,698,168

 
(176,650
)
 
2,475,816

 
8,554,884

 
1,629,968

 
(7,315,831
)
 
2,238,077

 
(10,642,939
)
 
82,715

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized and unrealized gain (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Distributions from investment companies
 
—

 
9,459,038

 
—

 
25,206,224

 
—

 
7,246,059

 
106,297,414

 
48,620,754

 
130,779,811

 
220,359

   Investments
 
(12,607,848
)
 
(5,480,031
)
 
(1,740,731
)
 
17,337,669

 
5,260,714

 
(555,006
)
 
40,493,013

 
152,134,270

 
45,448,284

 
334,423

Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   (depreciation) on investments
 
(81,199,435
)
 
(33,125,217
)
 
5,342,821

 
(65,815,227
)
 
(47,733,876
)
 
(12,797,038
)
 
(207,600,679
)
 
(229,359,022
)
 
(242,768,244
)
 
(4,108,706
)
Net realized and unrealized gain (loss)
 
(93,807,283
)
 
(29,146,210
)
 
3,602,090

 
(23,271,334
)
 
(42,473,162
)
 
(6,105,985
)
 
(60,810,252
)
 
(28,603,998
)
 
(66,540,149
)
 
(3,553,924
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
$
(92,983,520
)
 
$
(27,448,042
)
 
$
3,425,440

 
$
(20,795,518
)
 
$
(33,918,278
)
 
$
(4,476,017
)
 
$
(68,126,083
)
 
$
(26,365,921
)
 
$
(77,183,088
)
 
$
(3,471,209
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) The period is from January 1, 2015 through April 27, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements.

See notes to the financial statements.
30

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/MMRS Conservative Fund - A
 
JNL/MMRS Growth Fund - A
 
JNL/MMRS Moderate Fund - A
 
JNL/Morgan Stanley Mid Cap Growth Fund - A
 
JNL/Neuberger Berman Strategic Income Fund - A
 
JNL/Oppenheimer Emerging Markets Innovator Fund - A (a)
 
JNL/Oppenheimer Global Growth Fund - A
 
JNL/PIMCO Real Return Fund - A
 
JNL/PIMCO Total Return Bond Fund - A
 
JNL/PPM America Floating Rate Income Fund - A
Investment income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Dividends
 
$
—

 
$
—

 
$
—

 
$
—

 
$
5,689,924

 
$
—

 
$
7,823,224

 
$
43,993,426

 
$
91,597,250

 
$
45,787,754

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Asset-based charges (Note 3)
 
3,536,403

 
426,204

 
1,482,914

 
1,440,905

 
5,845,194

 
15,449

 
12,729,503

 
18,040,002

 
46,294,963

 
16,688,756

Total expenses
 
3,536,403

 
426,204

 
1,482,914

 
1,440,905

 
5,845,194

 
15,449

 
12,729,503

 
18,040,002

 
46,294,963

 
16,688,756

Net investment income (loss)
 
(3,536,403
)
 
(426,204
)
 
(1,482,914
)
 
(1,440,905
)
 
(155,270
)
 
(15,449
)
 
(4,906,279
)
 
25,953,424

 
45,302,287

 
29,098,998

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized and unrealized gain (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Distributions from investment companies
 
—

 
—

 
—

 
4,268,522

 
6,218,690

 
—

 
23,606,469

 
—

 
58,012,529

 
—

   Investments
 
(3,334,094
)
 
(569,907
)
 
(1,183,771
)
 
6,864

 
1,349,123

 
(112,925
)
 
27,764,494

 
(52,835,949
)
 
(7,931,743
)
 
(4,492,652
)
Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   (depreciation) on investments
 
(24,699,563
)
 
(3,247,664
)
 
(13,147,171
)
 
(9,686,805
)
 
(19,106,787
)
 
(130,222
)
 
(44,081,223
)
 
(27,634,805
)
 
(128,512,106
)
 
(58,225,182
)
Net realized and unrealized gain (loss)
 
(28,033,657
)
 
(3,817,571
)
 
(14,330,942
)
 
(5,411,419
)
 
(11,538,974
)
 
(243,147
)
 
7,289,740

 
(80,470,754
)
 
(78,431,320
)
 
(62,717,834
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
$
(31,570,060
)
 
$
(4,243,775
)
 
$
(15,813,856
)
 
$
(6,852,324
)
 
$
(11,694,244
)
 
$
(258,596
)
 
$
2,383,461

 
$
(54,517,330
)
 
$
(33,129,033
)
 
$
(33,618,836
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations April 27, 2015.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See notes to the financial statements.
31

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/PPM America High Yield Bond Fund - A
 
JNL/PPM America Mid Cap Value Fund - A
 
JNL/PPM America Small Cap Value Fund - A
 
JNL/PPM America Value Equity Fund - A
 
JNL/Red Rocks Listed Private Equity Fund - A
 
JNL/S&P 4 Fund - A
 
JNL/S&P Competitive Advantage Fund - A
 
JNL/S&P Dividend Income & Growth Fund - A
 
JNL/S&P International 5 Fund - A
 
JNL/S&P Intrinsic Value Fund - A
Investment income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Dividends
 
$
90,073,546

 
$
2,188,735

 
$
1,856,476

 
$
—

 
$
27,937,442

 
$
286,529,270

 
$
7,276,428

 
$
52,064,338

 
$
147,608

 
$
10,536,086

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Asset-based charges (Note 3)
 
22,765,756

 
4,239,707

 
4,695,378

 
2,618,956

 
6,467,868

 
76,323,846

 
13,536,770

 
31,968,382

 
141,269

 
15,138,052

Total expenses
 
22,765,756

 
4,239,707

 
4,695,378

 
2,618,956

 
6,467,868

 
76,323,846

 
13,536,770

 
31,968,382

 
141,269

 
15,138,052

Net investment income (loss)
 
67,307,790

 
(2,050,972
)
 
(2,838,902
)
 
(2,618,956
)
 
21,469,574

 
210,205,424

 
(6,260,342
)
 
20,095,956

 
6,339

 
(4,601,966
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized and unrealized gain (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Distributions from investment companies
 
3,059,226

 
38,348,663

 
22,490,395

 
—

 
24,280,591

 
228,279,856

 
96,815,408

 
122,931,480

 
—

 
113,244,816

   Investments
 
(70,682,017
)
 
8,932,864

 
(4,570,193
)
 
9,190,736

 
9,445,361

 
137,545,234

 
25,207,352

 
68,456,690

 
(131,729
)
 
9,883,104

Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   (depreciation) on investments
 
(124,227,701
)
 
(75,281,060
)
 
(38,535,835
)
 
(24,727,169
)
 
(62,757,137
)
 
(928,857,155
)
 
(128,732,964
)
 
(233,348,957
)
 
(1,371,760
)
 
(280,369,022
)
Net realized and unrealized gain (loss)
 
(191,850,492
)
 
(27,999,533
)
 
(20,615,633
)
 
(15,536,433
)
 
(29,031,185
)
 
(563,032,065
)
 
(6,710,204
)
 
(41,960,787
)
 
(1,503,489
)
 
(157,241,102
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
$
(124,542,702
)
 
$
(30,050,505
)
 
$
(23,454,535
)
 
$
(18,155,389
)
 
$
(7,561,611
)
 
$
(352,826,641
)
 
$
(12,970,546
)
 
$
(21,864,831
)
 
$
(1,497,150
)
 
$
(161,843,068
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See notes to the financial statements.
32

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/S&P Managed Aggressive Growth Fund - A
 
JNL/S&P Managed Conservative Fund - A
 
JNL/S&P Managed Growth Fund - A
 
JNL/S&P Managed Moderate Fund - A
 
JNL/S&P Managed Moderate Growth Fund - A
 
JNL/S&P Mid 3 Fund - A
 
JNL/S&P Total Yield Fund - A
 
JNL/Scout Unconstrained Bond Fund - A
 
JNL/T. Rowe Price Established Growth Fund - A
 
JNL/T. Rowe Price Mid-Cap Growth Fund - A
Investment income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Dividends
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
313,950

 
$
6,965,092

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Asset-based charges (Note 3)
 
24,006,905

 
22,065,687

 
67,538,813

 
45,392,665

 
84,717,517

 
2,645,234

 
7,934,102

 
258,279

 
39,826,095

 
42,537,018

Total expenses
 
24,006,905

 
22,065,687

 
67,538,813

 
45,392,665

 
84,717,517

 
2,645,234

 
7,934,102

 
258,279

 
39,826,095

 
42,537,018

Net investment income (loss)
 
(24,006,905
)
 
(22,065,687
)
 
(67,538,813
)
 
(45,392,665
)
 
(84,717,517
)
 
(2,331,284
)
 
(969,010
)
 
(258,279
)
 
(39,826,095
)
 
(42,537,018
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized and unrealized gain (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Distributions from investment companies
 
—

 
—

 
—

 
—

 
—

 
3,083,330

 
57,857,994

 
—

 
223,091,143

 
266,788,711

   Investments
 
52,542,106

 
21,556,514

 
136,255,390

 
60,428,989

 
141,265,243

 
(2,249,589
)
 
(3,418,369
)
 
(61,394
)
 
106,656,092

 
94,592,912

Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   (depreciation) on investments
 
(58,037,156
)
 
(42,706,851
)
 
(145,261,787
)
 
(93,541,429
)
 
(182,512,868
)
 
(30,081,139
)
 
(103,664,461
)
 
(121,498
)
 
(76,068,525
)
 
(197,307,497
)
Net realized and unrealized gain (loss)
 
(5,495,050
)
 
(21,150,337
)
 
(9,006,397
)
 
(33,112,440
)
 
(41,247,625
)
 
(29,247,398
)
 
(49,224,836
)
 
(182,892
)
 
253,678,710

 
164,074,126

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
$
(29,501,955
)
 
$
(43,216,024
)
 
$
(76,545,210
)
 
$
(78,505,105
)
 
$
(125,965,142
)
 
$
(31,578,682
)
 
$
(50,193,846
)
 
$
(441,171
)
 
$
213,852,615

 
$
121,537,108


See notes to the financial statements.
33

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/T. Rowe Price Short-Term Bond Fund - A
 
JNL/T. Rowe Price Value Fund - A
 
JNL/Westchester Capital Event Driven Fund - A (a)
 
JNL/WMC Balanced Fund - A
 
JNL/WMC Money Market Fund - A
 
JNL/WMC Value Fund - A
 
JNL/MC 25 Fund - A (b)
 
JNL/MC Communications Sector Fund - A
 
JNL/MC Consumer Brands Sector Fund - A
 
JNL/MC Dow Index Fund - A
Investment income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Dividends
 
$
8,229,108

 
$
10,617,898

 
$
—

 
$
55,289,048

 
$
11,723

 
$
9,314,653

 
$
23,156,764

 
$
3,974,783

 
$
3,516,108

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Asset-based charges (Note 3)
 
11,925,467

 
18,546,479

 
11,212

 
61,220,334

 
19,040,469

 
9,366,159

 
8,400,625

 
1,692,801

 
9,873,712

 
8,175,890

Total expenses
 
11,925,467

 
18,546,479

 
11,212

 
61,220,334

 
19,040,469

 
9,366,159

 
8,400,625

 
1,692,801

 
9,873,712

 
8,175,890

Net investment income (loss)
 
(3,696,359
)
 
(7,928,581
)
 
(11,212
)
 
(5,931,286
)
 
(19,028,746
)
 
(51,506
)
 
14,756,139

 
2,281,982

 
(6,357,604
)
 
(8,175,890
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized and unrealized gain (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Distributions from investment companies
 
—

 
101,886,049

 
—

 
184,243,694

 
5,861

 
67,238,803

 
158,113,381

 
3,371,486

 
60,684,604

 
—

   Investments
 
(2,982,166
)
 
46,233,558

 
(9,596
)
 
84,853,187

 
—

 
22,545,777

 
(151,980,966
)
 
4,310,343

 
29,278,805

 
47,025,010

Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   (depreciation) on investments
 
(2,907,875
)
 
(183,188,463
)
 
(54,518
)
 
(369,302,738
)
 
—

 
(118,999,008
)
 
(79,618,743
)
 
(8,542,513
)
 
(66,757,782
)
 
(50,672,504
)
Net realized and unrealized gain (loss)
 
(5,890,041
)
 
(35,068,856
)
 
(64,114
)
 
(100,205,857
)
 
5,861

 
(29,214,428
)
 
(73,486,328
)
 
(860,684
)
 
23,205,627

 
(3,647,494
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
$
(9,586,400
)
 
$
(42,997,437
)
 
$
(75,326
)
 
$
(106,137,143
)
 
$
(19,022,885
)
 
$
(29,265,934
)
 
$
(58,730,189
)
 
$
1,421,298

 
$
16,848,023

 
$
(11,823,384
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations April 27, 2015.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(b) The period is from January 1, 2015 through September 28, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements.

See notes to the financial statements.
34

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/MC Financial Sector Fund - A
 
JNL/MC Global 30 Fund - A
 
JNL/MC Healthcare Sector Fund - A
 
JNL/MC JNL 5 Fund - A
 
JNL/MC JNL Optimized 5 Fund - A (a)
 
JNL/MC Nasdaq 25 Fund - A
 
JNL/MC Oil & Gas Sector Fund - A
 
JNL/MC S&P 24 Fund - A
 
JNL/MC S&P SMid 60 Fund - A
 
JNL/MC Technology Sector Fund - A
Investment income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Dividends
 
$
6,729,267

 
$
—

 
$
11,715,793

 
$
79,020,696

 
$
—

 
$
4,284,201

 
$
19,257,460

 
$
7,779,506

 
$
8,416,529

 
$
6,432,786

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Asset-based charges (Note 3)
 
8,612,988

 
6,130,836

 
37,764,268

 
44,466,697

 
1,894,538

 
11,563,315

 
17,648,943

 
8,157,555

 
5,068,616

 
14,931,094

Total expenses
 
8,612,988

 
6,130,836

 
37,764,268

 
44,466,697

 
1,894,538

 
11,563,315

 
17,648,943

 
8,157,555

 
5,068,616

 
14,931,094

Net investment income (loss)
 
(1,883,721
)
 
(6,130,836
)
 
(26,048,475
)
 
34,553,999

 
(1,894,538
)
 
(7,279,114
)
 
1,608,517

 
(378,049
)
 
3,347,913

 
(8,498,308)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized and unrealized gain (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Distributions from investment companies
 
30,600,545

 
—

 
104,804,227

 
—

 
—

 
97,092,090

 
32,640,393

 
212,512,906

 
121,317,190

 
77,810,775

   Investments
 
25,222,172

 
29,273,947

 
108,012,960

 
129,475,487

 
86,658,872

 
31,627,009

 
(38,284,161
)
 
(11,096,106
)
 
(4,418,618
)
 
42,538,572

Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   (depreciation) on investments
 
(74,526,211
)
 
(64,223,554
)
 
(121,622,288
)
 
(315,049,099
)
 
(70,013,464
)
 
(122,014,824
)
 
(330,544,866
)
 
(268,302,996
)
 
(143,719,970
)
 
(88,434,617)

Net realized and unrealized gain (loss)
 
(18,703,494
)
 
(34,949,607
)
 
91,194,899

 
(185,573,612
)
 
16,645,408

 
6,704,275

 
(336,188,634
)
 
(66,886,196
)
 
(26,821,398
)
 
31,914,730

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
$
(20,587,215
)
 
$
(41,080,443
)
 
$
65,146,424

 
$
(151,019,613
)
 
$
14,750,870

 
$
(574,839
)
 
$
(334,580,117
)
 
$
(67,264,245
)
 
$
(23,473,485
)
 
$
23,416,422

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) The period is from January 1, 2015 through April 27, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements.

See notes to the financial statements.
35

Jackson National Separate Account I
Statements of Operations
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/MC Value Line 30 Fund - A (b)
 
JNL/PPM America Total Return Fund - A (a)
 
Investment income
 
 
 
 
 
   Dividends
 
$
—

 
$
935,444

 
 
 
 
 
 
 
Expenses
 
 
 
 
 
   Asset-based charges (Note 3)
 
1,948,922

 
177,756

 
Total expenses
 
1,948,922

 
177,756

 
Net investment income (loss)
 
(1,948,922
)
 
757,688

 
 
 
 
 
 
 
Realized and unrealized gain (loss)
 
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 
   Distributions from investment companies
 
—

 
19,665

 
   Investments
 
49,185,819

 
(27,477
)
 
Net change in unrealized appreciation
 
 
 
 
 
   (depreciation) on investments
 
(47,816,525
)
 
(1,436,262
)
 
Net realized and unrealized gain (loss)
 
1,369,294

 
(1,444,074
)
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
 
 
 
 
   from operations
 
$
(579,628
)
 
$
(686,386
)
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) The Fund was made available to the separate account effective April 27, 2015.
 
(b) The period is from January 1, 2015 through April 27, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements.
 


See notes to the financial statements.
36

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CG - Alt 100 Conservative Fund (a)
 
CG - Alt 100 Growth Fund (a)
 
CG - Institutional Alt 65 Fund (a)
 
CG - International Conservative Fund (a)
 
CG - International Growth Fund (a)
 
CG - International Moderate Fund (a)
 
CG - Multi-Strategy Income Fund (a)
 
CG - Tactical Maximum Growth Fund (a)
 
CG - Tactical Moderate Growth Fund (a)
 
Curian Dynamic Risk Advantage - Diversified Fund (a)
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
290,025

 
$
1,395,987

 
$
1,791,720

 
$
14,324

 
$
61,640

 
$
80,974

 
$
440,388

 
$
1,060,066

 
$
2,366,847

 
$
405,839

   Net realized gain (loss) on investments
 
1,050,931

 
1,800,022

 
8,711,461

 
(171,251
)
 
92,334

 
(240,045
)
 
(10,317
)
 
8,286,634

 
24,223,702

 
16,398,948

   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
(265,790
)
 
66,980

 
(5,604,255
)
 
181,175

 
236,732

 
452,303

 
198,214

 
(5,054,300
)
 
(10,860,176
)
 
(10,237,793
)
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
1,075,166

 
3,262,989

 
4,898,926

 
24,248

 
390,706

 
293,232

 
628,285

 
4,292,400

 
15,730,373

 
6,566,994

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
3,268,188

 
7,631,221

 
5,674,014

 
1,237,870

 
722,761

 
1,307,742

 
3,220,508

 
4,308,130

 
13,990,909

 
14,668,420

   Surrenders and terminations
 
(643,061
)
 
(1,526,318
)
 
(1,616,943
)
 
(107,858
)
 
(66,538
)
 
(103,364
)
 
(746,796
)
 
(1,587,777
)
 
(4,628,682
)
 
(6,259,014
)
   Transfers between Investment Divisions
 
(37,993,122
)
 
(113,532,591
)
 
(133,254,689
)
 
(5,812,769
)
 
(8,773,820
)
 
(11,774,437
)
 
(40,735,195
)
 
(99,135,643
)
 
(312,494,659
)
 
(259,050,015
)
   Contract owner charges (Note 3)
 
(4,646
)
 
(33,550
)
 
(49,212
)
 
(264
)
 
(1,111
)
 
(1,508
)
 
(14,216
)
 
(24,512
)
 
(91,171
)
 
(92,055
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
(35,372,641
)
 
(107,461,238
)
 
(129,246,830
)
 
(4,683,021
)
 
(8,118,708
)
 
(10,571,567
)
 
(38,275,699
)
 
(96,439,802
)
 
(303,223,603
)
 
(250,732,664
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
(34,297,475
)
 
(104,198,249
)
 
(124,347,904
)
 
(4,658,773
)
 
(7,728,002
)
 
(10,278,335
)
 
(37,647,414
)
 
(92,147,402
)
 
(287,493,230
)
 
(244,165,670
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
34,297,475

 
104,198,249

 
124,347,904

 
4,658,773

 
7,728,002

 
10,278,335

 
37,647,414

 
92,147,402

 
287,493,230

 
244,165,670

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
3,443,968

 
10,191,728

 
11,019,441

 
493,681

 
797,648

 
1,079,686

 
3,864,800

 
7,728,797

 
24,365,554

 
23,213,843

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
397,935

 
939,098

 
655,439

 
203,707

 
115,847

 
163,725

 
592,395

 
479,847

 
1,833,769

 
1,959,399

      Units Redeemed
 
(3,841,903
)
 
(11,130,826
)
 
(11,674,880
)
 
(697,388
)
 
(913,495
)
 
(1,243,411
)
 
(4,457,195
)
 
(8,208,644
)
 
(26,199,323
)
 
(25,173,242
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2015
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) The period is from January 1, 2015 through April 27, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements.
 
 
 
 
 
 


See notes to the financial statements.
37

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Curian Dynamic Risk Advantage - Growth Fund (a)
 
Curian Dynamic Risk Advantage - Income Fund (a)
 
Curian/Aberdeen Latin America Fund (a)
 
Curian/Ashmore Emerging Market Small Cap Equity Fund (a)
 
Curian/Baring International Fixed Income Fund (a)
 
Curian/ CenterSquare International Real Estate Securities Fund (a)
 
Curian/PineBridge Merger Arbitrage Fund (a)
 
Curian/Schroder Emerging Europe Fund (a)
 
Curian/UBS Global Long Short Fixed Income Opportunities Fund (a)
 
JG - Alt 100 Fund
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
(185,456
)
 
$
3,889,181

 
$
(4,999
)
 
$
(4,176
)
 
$
(13,394
)
 
$
40,838

 
$
(208,758
)
 
$
(10,033
)
 
$
479,500

 
$
488,918

   Net realized gain (loss) on investments
 
(1,102,448
)
 
5,202,754

 
(405,221
)
 
125,757

 
(332,031
)
 
179,820

 
(291,890
)
 
(511,193
)
 
(865,121
)
 
7,507,325

   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
3,123,663

 
(6,488,403
)
 
346,022

 
289,643

 
230,235

 
280,738

 
366,004

 
730,486

 
565,536

 
(27,381,944
)
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
1,835,759

 
2,603,532

 
(64,198
)
 
411,224

 
(115,190
)
 
501,396

 
(134,644
)
 
209,260

 
179,915

 
(19,385,701
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
4,858,544

 
14,737,730

 
148,500

 
340,649

 
462,788

 
1,638,079

 
2,087,074

 
336,646

 
979,617

 
62,174,812

   Surrenders and terminations
 
(1,486,771
)
 
(4,480,988
)
 
(13,459
)
 
(21,499
)
 
(83,958
)
 
(105,219
)
 
(1,512,634
)
 
(44,225
)
 
(1,185,249
)
 
(24,946,224
)
   Transfers between Investment Divisions
 
(62,719,237
)
 
(186,613,620
)
 
(1,698,493
)
 
(4,084,207
)
 
(4,155,869
)
 
(9,587,527
)
 
(65,832,508
)
 
(2,920,696
)
 
(14,917,875
)
 
97,971,009

   Contract owner charges (Note 3)
 
(44,578
)
 
(53,735
)
 
(444
)
 
(622
)
 
(261
)
 
(1,377
)
 
(18,055
)
 
(2,058
)
 
(1,940
)
 
(410,114
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
(59,392,042
)
 
(176,410,613
)
 
(1,563,896
)
 
(3,765,679
)
 
(3,777,300
)
 
(8,056,044
)
 
(65,276,123
)
 
(2,630,333
)
 
(15,125,447
)
 
134,789,483

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
(57,556,283
)
 
(173,807,081
)
 
(1,628,094
)
 
(3,354,455
)
 
(3,892,490
)
 
(7,554,648
)
 
(65,410,767
)
 
(2,421,073
)
 
(14,945,532
)
 
115,403,782

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
57,556,283

 
173,807,081

 
1,628,094

 
3,354,455

 
3,892,490

 
7,554,648

 
65,410,767

 
2,421,073

 
14,945,532

 
330,092,913

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
445,496,695

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
6,376,923

 
15,761,871

 
235,196

 
362,779

 
422,742

 
817,055

 
6,716,067

 
325,423

 
1,598,506

 
31,304,731

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
625,953

 
2,029,060

 
93,574

 
151,944

 
149,745

 
267,282

 
320,113

 
222,178

 
285,542

 
21,751,519

      Units Redeemed
 
(7,002,876
)
 
(17,790,931
)
 
(328,770
)
 
(514,723
)
 
(572,487
)
 
(1,084,337
)
 
(7,036,180
)
 
(547,601
)
 
(1,884,048
)
 
(9,629,107
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2015
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
43,427,143

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) The period is from January 1, 2015 through April 27, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements.
 
 
 
 
 
 

See notes to the financial statements.
38

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JG - Conservative Fund
 
JG - Equity 100 Fund
 
JG - Equity Income Fund (a)
 
JG - Fixed Income 100 Fund
 
JG - Growth Fund
 
JG - Interest Rate Opportunities Fund
 
JG - Maximum Growth Fund
 
JG - Moderate Fund
 
JG - Moderate Growth Fund
 
JG - Real Assets Fund
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
89,202

 
$
1,019,234

 
$
159,871

 
$
87,429

 
$
1,065,465

 
$
(43,686
)
 
$
573,819

 
$
1,957,527

 
$
1,766,665

 
$
(43,007
)
   Net realized gain (loss) on investments
 
1,294,891

 
8,218,216

 
(728,384
)
 
(448,300
)
 
5,851,192

 
294,617

 
6,717,411

 
10,020,541

 
15,513,167

 
(136,455
)
   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
(4,975,641
)
 
(11,184,480
)
 
(4,485,376
)
 
(2,430,327
)
 
(12,777,498
)
 
(2,630,239
)
 
(18,394,009
)
 
(22,347,656
)
 
(50,635,969
)
 
(1,143,922
)
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
(3,591,548
)
 
(1,947,030
)
 
(5,053,889
)
 
(2,791,198
)
 
(5,860,841
)
 
(2,379,308
)
 
(11,102,779
)
 
(10,369,588
)
 
(33,356,137
)
 
(1,323,384
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
42,766,278

 
13,999,809

 
6,917,966

 
10,695,472

 
92,539,647

 
8,002,742

 
39,745,985

 
104,633,307

 
150,576,092

 
2,089,175

   Surrenders and terminations
 
(10,853,587
)
 
(4,705,781
)
 
(3,234,974
)
 
(6,200,349
)
 
(6,031,758
)
 
(3,318,299
)
 
(5,903,668
)
 
(24,037,513
)
 
(36,109,235
)
 
(506,707
)
   Transfers between Investment Divisions
 
(3,576,712
)
 
(4,640,783
)
 
(60,642,657
)
 
25,830,638

 
3,753,547

 
(4,705,607
)
 
83,446,611

 
(6,015,673
)
 
255,468,140

 
(2,139,105
)
   Contract owner charges (Note 3)
 
(96,295
)
 
(67,477
)
 
(31,044
)
 
(60,339
)
 
(221,443
)
 
(31,662
)
 
(175,146
)
 
(294,717
)
 
(570,204
)
 
(4,113
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
28,239,684

 
4,585,768

 
(56,990,709
)
 
30,265,422

 
90,039,993

 
(52,826
)
 
117,113,782

 
74,285,404

 
369,364,793

 
(560,750
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
24,648,136

 
2,638,738

 
(62,044,598
)
 
27,474,224

 
84,179,152

 
(2,432,134
)
 
106,011,003

 
63,915,816

 
336,008,656

 
(1,884,134
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
97,608,053

 
78,822,197

 
62,044,598

 
44,387,395

 
156,054,897

 
47,997,450

 
113,731,523

 
334,274,451

 
476,810,694

 
10,920,077

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
122,256,189

 
$
81,460,935

 
$
—

 
$
71,861,619

 
$
240,234,049

 
$
45,565,316

 
$
219,742,526

 
$
398,190,267

 
$
812,819,350

 
$
9,035,943

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
9,073,125

 
5,868,055

 
4,808,921

 
4,527,313

 
13,932,162

 
4,914,300

 
9,114,335

 
28,147,630

 
40,122,145

 
1,141,507

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
6,300,759

 
1,571,859

 
868,056

 
6,156,230

 
11,200,698

 
1,581,601

 
11,586,142

 
12,465,273

 
40,725,915

 
396,896

      Units Redeemed
 
(3,687,504
)
 
(1,236,520
)
 
(5,676,977
)
 
(3,116,880
)
 
(3,300,668
)
 
(1,590,065
)
 
(2,672,557
)
 
(6,270,194
)
 
(10,813,440
)
 
(459,943
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2015
 
11,686,380

 
6,203,394

 
—

 
7,566,663

 
21,832,192

 
4,905,836

 
18,027,920

 
34,342,709

 
70,034,620

 
1,078,460

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) The period is from January 1, 2015 through September 28, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements.

See notes to the financial statements.
39

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL Tactical ETF Conservative Fund
 
JNL Tactical ETF Growth Fund
 
JNL Tactical ETF Moderate Fund
 
JNL/American Funds Global Growth Fund
 
JNL/American Funds Growth Fund
 
JNL/AQR Risk Parity Fund
 
JNL/BlackRock Global Long Short Credit Fund
 
JNL/DFA U.S. Micro Cap Fund
 
JNL/DoubleLine Total Return Fund
 
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
97,263

 
$
171,457

 
$
81,746

 
$
(354,134
)
 
$
(597,531
)
 
$
9,658,880

 
$
2,774,155

 
$
(367,862
)
 
$
2,787,801

 
$
1,816,949

   Net realized gain (loss) on investments
 
914,283

 
3,807,077

 
3,148,140

 
2,022,823

 
6,999,489

 
10,093,721

 
431,595

 
12,674,060

 
438,495

 
133,621

   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
(1,732,902
)
 
(5,995,350
)
 
(5,555,544
)
 
(571,021
)
 
(1,224,455
)
 
(23,456,198
)
 
(5,068,028
)
 
(14,563,546
)
 
(4,472,357
)
 
(2,002,409
)
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
(721,356
)
 
(2,016,816
)
 
(2,325,658
)
 
1,097,668

 
5,177,503

 
(3,703,597
)
 
(1,862,278
)
 
(2,257,348
)
 
(1,246,061
)
 
(51,839
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
23,482,407

 
42,384,860

 
53,576,136

 
34,430,350

 
58,601,363

 
12,284,999

 
16,096,519

 
9,391,826

 
100,974,637

 
11,464,768

   Surrenders and terminations
 
(3,617,471
)
 
(4,277,369
)
 
(7,927,548
)
 
(2,374,871
)
 
(4,705,089
)
 
(1,467,585
)
 
(5,987,697
)
 
(1,573,746
)
 
(9,407,405
)
 
(1,254,800
)
   Transfers between Investment Divisions
 
10,380,253

 
85,129

 
22,524,905

 
26,899,425

 
15,503,797

 
(1,071,271
)
 
5,029,823

 
(3,170,340
)
 
206,411,743

 
9,912,693

   Contract owner charges (Note 3)
 
(30,454
)
 
(86,505
)
 
(105,951
)
 
(28,665
)
 
(68,605
)
 
(13,877
)
 
(33,637
)
 
(26,161
)
 
(394,511
)
 
(10,165
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
30,214,735

 
38,106,115

 
68,067,542

 
58,926,239

 
69,331,466

 
9,732,266

 
15,105,008

 
4,621,579

 
297,584,464

 
20,112,496

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
29,493,379

 
36,089,299

 
65,741,884

 
60,023,907

 
74,508,969

 
6,028,669

 
13,242,730

 
2,364,231

 
296,338,403

 
20,060,657

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
45,819,993

 
98,242,884

 
109,627,946

 
31,091,576

 
98,155,499

 
19,064,846

 
53,933,018

 
33,714,578

 
68,288,775

 
14,150,165

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
75,313,372

 
$
134,332,183

 
$
175,369,830

 
$
91,115,483

 
$
172,664,468

 
$
25,093,515

 
$
67,175,748

 
$
36,078,809

 
$
364,627,178

 
$
34,210,822

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
4,083,257

 
7,688,178

 
9,032,517

 
2,806,805

 
6,775,230

 
1,779,738

 
5,373,142

 
2,330,957

 
6,500,383

 
1,444,896

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
3,957,234

 
4,700,514

 
6,989,855

 
6,380,308

 
7,013,383

 
2,276,827

 
4,159,332

 
1,157,339

 
32,369,302

 
3,046,849

      Units Redeemed
 
(1,273,780
)
 
(1,766,840
)
 
(1,447,318
)
 
(1,394,466
)
 
(2,475,638
)
 
(1,418,137
)
 
(2,678,242
)
 
(840,575
)
 
(4,225,467
)
 
(1,031,536
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2015
 
6,766,711

 
10,621,852

 
14,575,054

 
7,792,647

 
11,312,975

 
2,638,428

 
6,854,232

 
2,647,721

 
34,644,218

 
3,460,209


See notes to the financial statements.
40

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/Epoch Global Shareholder Yield Fund
 
JNL/FAMCO Flex Core Covered Call Fund
 
JNL/Franklin Templeton Natural Resources Fund (a)
 
JNL/Lazard International Strategic Equity Fund
 
JNL/MC Frontier Markets 100 Index Fund
 
JNL/Neuberger Berman Currency Fund
 
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund
 
JNL/Nicholas Convertible Arbitrage Fund
 
JNL/PIMCO Credit Income Fund
 
JNL/PPM America Long Short Credit Fund
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
194,915

 
$
971,578

 
$
725,443

 
$
14,531

 
$
2,799,011

 
$
87,187

 
$
(51,860
)
 
$
131,749

 
$
655,591

 
$
391,506

   Net realized gain (loss) on investments
 
56,203

 
3,240,613

 
(19,560,112
)
 
101,192

 
8,545,022

 
6,893

 
(552,650
)
 
(1,017,617
)
 
354,788

 
(278,516
)
   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
(2,029,808
)
 
(9,799,403
)
 
11,803,867

 
(501,187
)
 
(14,271,384
)
 
(36,260
)
 
(988,980
)
 
(5,023,380
)
 
(2,388,476
)
 
(848,000
)
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
(1,778,690
)
 
(5,587,212
)
 
(7,030,802
)
 
(385,464
)
 
(2,927,351
)
 
57,820

 
(1,593,490
)
 
(5,909,248
)
 
(1,378,097
)
 
(735,010
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
7,936,431

 
31,808,614

 
6,165,377

 
14,957,056

 
4,291,953

 
1,671,732

 
3,050,281

 
9,896,584

 
20,436,233

 
3,560,756

   Surrenders and terminations
 
(1,975,232
)
 
(7,893,795
)
 
(988,184
)
 
(928,244
)
 
(1,382,954
)
 
(655,635
)
 
(162,467
)
 
(5,886,245
)
 
(3,053,095
)
 
(1,374,945
)
   Transfers between Investment Divisions
 
(2,767,887
)
 
(3,968,352
)
 
(24,936,527
)
 
15,689,105

 
(1,537,046
)
 
(3,174,476
)
 
866,277

 
38,794,722

 
9,236,842

 
(110,370
)
   Contract owner charges (Note 3)
 
(27,957
)
 
(87,813
)
 
(14,920
)
 
(5,541
)
 
(7,093
)
 
(10,822
)
 
(3,541
)
 
(80,356
)
 
(44,363
)
 
(5,944
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
3,165,355

 
19,858,654

 
(19,774,254
)
 
29,712,376

 
1,364,860

 
(2,169,201
)
 
3,750,550

 
42,724,705

 
26,575,617

 
2,069,497

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
1,386,665

 
14,271,442

 
(26,805,056
)
 
29,326,912

 
(1,562,491
)
 
(2,111,381
)
 
2,157,060

 
36,815,457

 
25,197,520

 
1,334,487

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
26,393,402

 
106,384,844

 
26,805,056

 
14,612,567

 
17,185,260

 
14,461,446

 
3,124,236

 
64,332,150

 
34,347,229

 
12,692,879

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
27,780,067

 
$
120,656,286

 
$
—

 
$
43,939,479

 
$
15,622,769

 
$
12,350,065

 
$
5,281,296

 
$
101,147,607

 
$
59,544,749

 
$
14,027,366

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
1,941,644

 
8,696,399

 
3,615,543

 
1,300,096

 
1,674,567

 
1,447,645

 
406,539

 
6,324,371

 
3,137,658

 
1,290,169

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
1,031,906

 
4,246,633

 
1,647,521

 
3,151,768

 
933,922

 
359,893

 
975,153

 
7,621,725

 
3,964,915

 
786,402

      Units Redeemed
 
(800,484
)
 
(2,647,235
)
 
(5,263,064
)
 
(670,887
)
 
(800,917
)
 
(582,015
)
 
(455,237
)
 
(3,594,295
)
 
(1,533,124
)
 
(579,515
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2015
 
2,173,066

 
10,295,797

 
—

 
3,780,977

 
1,807,572

 
1,225,523

 
926,455

 
10,351,801

 
5,569,449

 
1,497,056

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) The period is from January 1, 2015 through September 28, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements.

See notes to the financial statements.
41

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/T. Rowe Price Capital Appreciation Fund
 
JNL/The Boston Company Equity Income Fund
 
JNL/The London Company Focused U.S. Equity Fund
 
JNL/Van Eck International Gold Fund
 
JNL/WCM Focused International Equity Fund
 
JNL Alt 65 Fund - A
 
JNL Disciplined Growth Fund - A
 
JNL Disciplined Moderate Fund - A
 
JNL Disciplined Moderate Growth Fund - A
 
JNL Institutional Alt 20 Fund - A
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
(2,019,487
)
 
$
(162,302
)
 
$
(68,194
)
 
$
633,893

 
$
(54,180
)
 
$
2,715,893

 
$
7,616,687

 
$
12,043,558

 
$
17,395,661

 
$
14,455,201

   Net realized gain (loss) on investments
 
1,369,825

 
3,910,887

 
69,141

 
(3,957,318
)
 
17,813

 
41,361,364

 
40,262,179

 
43,565,637

 
75,756,432

 
160,906,430

   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
4,503,186

 
(2,042,906
)
 
(350,317
)
 
(5,338,868
)
 
84,517

 
(68,339,003
)
 
(77,694,205
)
 
(97,028,840
)
 
(150,207,206
)
 
(233,040,526
)
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
3,853,524

 
1,705,679

 
(349,370
)
 
(8,662,293
)
 
48,150

 
(24,261,746
)
 
(29,815,339
)
 
(41,419,645
)
 
(57,055,113
)
 
(57,678,895
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
168,940,557

 
12,034,089

 
5,690,210

 
6,303,198

 
3,635,305

 
16,388,203

 
120,768,921

 
135,540,656

 
209,734,845

 
102,845,233

   Surrenders and terminations
 
(9,438,897
)
 
(4,083,146
)
 
(258,203
)
 
(1,458,680
)
 
(386,984
)
 
(43,017,275
)
 
(30,181,868
)
 
(65,490,277
)
 
(68,927,450
)
 
(78,212,094
)
   Transfers between Investment Divisions
 
130,911,245

 
53,963,028

 
(23,254
)
 
2,290,186

 
1,739,501

 
54,103,710

 
10,850,522

 
15,204,997

 
68,270,397

 
(95,779,293
)
   Contract owner charges (Note 3)
 
(66,675
)
 
(53,652
)
 
(7,435
)
 
(20,698
)
 
(4,570
)
 
(7,322,087
)
 
(8,938,823
)
 
(15,950,352
)
 
(20,035,458
)
 
(22,235,180
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
290,346,230

 
61,860,319

 
5,401,318

 
7,114,006

 
4,983,252

 
20,152,551

 
92,498,752

 
69,305,024

 
189,042,334

 
(93,381,334
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
294,199,754

 
63,565,998

 
5,051,948

 
(1,548,287
)
 
5,031,402

 
(4,109,195
)
 
62,683,413

 
27,885,379

 
131,987,221

 
(151,060,229
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
84,807,913

 
46,574,786

 
6,295,278

 
26,144,536

 
3,201,218

 
622,021,169

 
650,863,142

 
1,200,467,262

 
1,472,585,837

 
1,687,365,975

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
379,007,667

 
$
110,140,784

 
$
11,347,226

 
$
24,596,249

 
$
8,232,620

 
$
617,911,974

 
$
713,546,555

 
$
1,228,352,641

 
$
1,604,573,058

 
$
1,536,305,746

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
7,296,879

 
2,912,870

 
561,689

 
6,071,306

 
311,359

 
35,831,091

 
55,249,480

 
92,418,358

 
116,853,478

 
100,923,610

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
26,274,469

 
5,456,837

 
748,416

 
4,461,904

 
645,975

 
9,281,377

 
17,204,230

 
19,824,331

 
32,824,278

 
11,543,546

      Units Redeemed
 
(2,037,140
)
 
(1,289,019
)
 
(273,015
)
 
(2,670,798
)
 
(192,844
)
 
(8,577,784
)
 
(9,431,600
)
 
(14,650,301
)
 
(18,017,744
)
 
(17,186,109
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2015
 
31,534,208

 
7,080,688

 
1,037,090

 
7,862,412

 
764,490

 
36,534,684

 
63,022,110

 
97,592,388

 
131,660,012

 
95,281,047

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See notes to the financial statements.
42

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL Institutional Alt 35 Fund - A
 
JNL Institutional Alt 50 Fund - A
 
JNL Multi-Manager Alternative Fund - A (a)
 
JNL Multi-Manager Small Cap Growth Fund - A
 
JNL Multi-Manager Small Cap Value Fund - A
 
JNL/AB Dynamic Asset Allocation Fund - A
 
JNL/American Funds Balanced Allocation Fund - A
 
JNL/American Funds Blue Chip Income and Growth Fund - A
 
JNL/American Funds Global Bond Fund - A
 
JNL/American Funds Global Small Capitalization Fund - A
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
17,881,906

 
$
23,612,441

 
$
(26,858
)
 
$
(16,077,117
)
 
$
(6,287,156
)
 
$
(276,551
)
 
$
(2,006,279
)
 
$
18,890,954

 
$
(824,249
)
 
$
(6,479,523
)
   Net realized gain (loss) on investments
 
191,577,528

 
217,215,869

 
(13,359
)
 
172,007,472

 
40,241,881

 
292,912

 
26,143,599

 
71,884,229

 
(1,907,596
)
 
20,811,492

   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
(284,998,440
)
 
(340,602,382
)
 
(125,882
)
 
(224,842,450
)
 
(97,214,175
)
 
(1,272,687
)
 
(46,429,750
)
 
(179,235,977
)
 
(22,931,708
)
 
(35,049,334
)
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
(75,539,006
)
 
(99,774,072
)
 
(166,099
)
 
(68,912,095
)
 
(63,259,450
)
 
(1,256,326
)
 
(22,292,430
)
 
(88,460,794
)
 
(25,663,553
)
 
(20,717,365
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
128,112,009

 
184,027,415

 
4,403,992

 
98,394,212

 
68,504,704

 
14,310,675

 
249,497,853

 
320,035,067

 
42,946,715

 
78,072,407

   Surrenders and terminations
 
(95,458,479
)
 
(137,887,807
)
 
(90,254
)
 
(52,427,105
)
 
(27,969,943
)
 
(885,852
)
 
(48,374,691
)
 
(78,322,656
)
 
(24,453,258
)
 
(18,183,462
)
   Transfers between Investment Divisions
 
(234,493,518
)
 
(325,445,003
)
 
2,081,759

 
(59,365,022
)
 
(47,966,738
)
 
894,354

 
202,336,259

 
(49,232,900
)
 
(37,103,934
)
 
81,890,050

   Contract owner charges (Note 3)
 
(28,754,961
)
 
(40,282,353
)
 
(278
)
 
(13,170,755
)
 
(6,346,976
)
 
(14,960
)
 
(11,531,647
)
 
(22,560,149
)
 
(5,409,136
)
 
(5,662,507
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
(230,594,949
)
 
(319,587,748
)
 
6,395,219

 
(26,568,670
)
 
(13,778,953
)
 
14,304,217

 
391,927,774

 
169,919,362

 
(24,019,613
)
 
136,116,488

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
(306,133,955
)
 
(419,361,820
)
 
6,229,120

 
(95,480,765
)
 
(77,038,403
)
 
13,047,891

 
369,635,344

 
81,458,568

 
(49,683,166
)
 
115,399,123

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
2,248,151,281

 
3,167,812,442

 
—

 
1,096,100,961

 
590,902,519

 
18,690,010

 
749,736,556

 
1,747,476,624

 
467,955,526

 
370,904,900

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
1,942,017,326

 
$
2,748,450,622

 
$
6,229,120

 
$
1,000,620,196

 
$
513,864,116

 
$
31,737,901

 
$
1,119,371,900

 
$
1,828,935,192

 
$
418,272,360

 
$
486,304,023

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
131,465,268

 
185,952,874

 
—

 
28,001,847

 
31,963,880

 
1,831,362

 
62,246,690

 
105,559,872

 
44,301,428

 
28,755,706

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
12,190,072

 
19,171,059

 
782,331

 
6,113,005

 
7,971,278

 
2,260,844

 
45,173,200

 
31,684,941

 
8,780,180

 
17,924,156

      Units Redeemed
 
(25,822,180
)
 
(38,121,288
)
 
(126,885
)
 
(7,003,617
)
 
(8,881,747
)
 
(895,901
)
 
(13,028,036
)
 
(21,452,460
)
 
(11,168,882
)
 
(8,421,293
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2015
 
117,833,160

 
167,002,645

 
655,446

 
27,111,235

 
31,053,411

 
3,196,305

 
94,391,854

 
115,792,353

 
41,912,726

 
38,258,569

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations April 27, 2015.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See notes to the financial statements.
43

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/American Funds Growth-Income Fund - A
 
JNL/American Funds Growth Allocation Fund - A
 
JNL/American Funds International Fund - A
 
JNL/American Funds New World Fund - A
 
JNL/AQR Managed Futures Strategy Fund - A
 
JNL/BlackRock Global Allocation Fund - A
 
JNL/BlackRock Large Cap Select Growth Fund - A
 
JNL/BlackRock Natural Resources Fund - A
 
JNL/Boston Partners Global Long Short Equity Fund - A
 
JNL/Brookfield Global Infrastructure and MLP Fund - A
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
(16,495,144
)
 
$
(2,617,269
)
 
$
(4,733,827
)
 
$
(4,272,317
)
 
$
13,466,493

 
$
23,059,968

 
$
(11,641,278
)
 
$
(7,587,863
)
 
$
(128,701
)
 
$
2,011,145

   Net realized gain (loss) on investments
 
165,344,879

 
27,229,809

 
8,970,031

 
63,803,570

 
689,173

 
224,937,514

 
79,303,221

 
(38,619,674
)
 
66,119

 
4,548,337

   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
(170,160,990
)
 
(40,589,255
)
 
(77,613,837
)
 
(98,830,965
)
 
(17,706,708
)
 
(351,011,596
)
 
(38,559,626
)
 
(165,012,339
)
 
523,988

 
(167,955,275
)
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
(21,311,255
)
 
(15,976,715
)
 
(73,377,633
)
 
(39,299,712
)
 
(3,551,042
)
 
(103,014,114
)
 
29,102,317

 
(211,219,876
)
 
461,406

 
(161,395,793
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
681,715,263

 
257,168,020

 
204,203,420

 
104,529,262

 
45,561,577

 
569,343,028

 
114,310,130

 
63,127,587

 
8,976,410

 
137,007,141

   Surrenders and terminations
 
(112,407,485
)
 
(26,370,207
)
 
(32,681,260
)
 
(27,936,948
)
 
(8,616,295
)
 
(145,353,979
)
 
(47,037,460
)
 
(45,777,991
)
 
(551,071
)
 
(33,259,861
)
   Transfers between Investment Divisions
 
63,770,944

 
95,780,844

 
158,702,557

 
30,570,185

 
65,115,717

 
(36,810,731
)
 
173,463,729

 
20,003,325

 
16,109,849

 
(170,131,055
)
   Contract owner charges (Note 3)
 
(30,247,593
)
 
(10,058,598
)
 
(9,705,055
)
 
(9,422,062
)
 
(274,660
)
 
(41,038,130
)
 
(8,892,594
)
 
(9,169,053
)
 
(5,166
)
 
(7,528,152
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
602,831,129

 
316,520,059

 
320,519,662

 
97,740,437

 
101,786,339

 
346,140,188

 
231,843,805

 
28,183,868

 
24,530,022

 
(73,911,927
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
581,519,874

 
300,543,344

 
247,142,029

 
58,440,725

 
98,235,297

 
243,126,074

 
260,946,122

 
(183,036,008
)
 
24,991,428

 
(235,307,720
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
2,316,145,307

 
640,593,136

 
679,178,639

 
701,140,608

 
99,749,786

 
3,274,351,419

 
693,280,625

 
843,027,945

 
3,303,299

 
853,801,352

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
2,897,665,181

 
$
941,136,480

 
$
926,320,668

 
$
759,581,333

 
$
197,985,083

 
$
3,517,477,493

 
$
954,226,747

 
$
659,991,937

 
$
28,294,727

 
$
618,493,632

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
141,489,304

 
50,702,870

 
56,638,167

 
64,512,396

 
8,855,498

 
273,649,060

 
17,193,000

 
90,487,551

 
336,044

 
54,690,829

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
59,358,073

 
33,931,499

 
39,443,127

 
20,483,230

 
11,906,653

 
72,463,037

 
9,515,177

 
27,122,938

 
2,757,386

 
16,822,711

      Units Redeemed
 
(23,363,048
)
 
(9,402,183
)
 
(13,844,070
)
 
(11,525,196
)
 
(3,346,382
)
 
(44,221,967
)
 
(4,209,173
)
 
(23,664,716
)
 
(349,382
)
 
(22,268,119
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2015
 
177,484,329

 
75,232,186

 
82,237,224

 
73,470,430

 
17,415,769

 
301,890,130

 
22,499,004

 
93,945,773

 
2,744,048

 
49,245,421

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See notes to the financial statements.
44

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/Capital Guardian Global Balanced Fund - A
 
JNL/Capital Guardian Global Diversified Research Fund - A
 
JNL/Causeway International Value Select Fund - A
 
JNL/DFA U.S. Core Equity Fund - A
 
JNL/DoubleLine Shiller Enhanced CAPE Fund - A (a)
 
JNL/Eastspring Investments Asia ex-Japan Fund - A
 
JNL/Eastspring Investments China-India Fund - A
 
JNL/Franklin Templeton Founding Strategy Fund - A
 
JNL/Franklin Templeton Global Growth Fund - A
 
JNL/Franklin Templeton Global Multisector Bond Fund - A
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
(3,360,595
)
 
$
(2,504,527
)
 
$
8,202,976

 
$
(3,199,742
)
 
$
(23,634
)
 
$
561,261

 
$
(2,233,000
)
 
$
1,459,181

 
$
3,516,223

 
$
49,191,748

   Net realized gain (loss) on investments
 
37,018,963

 
26,634,046

 
(3,469,802
)
 
41,025,658

 
2,555

 
(709,384
)
 
10,266,535

 
51,787,742

 
23,630,471

 
(8,154,892
)
   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
(47,645,710
)
 
(21,754,649
)
 
(29,844,836
)
 
(61,510,003
)
 
92,202

 
(23,439,100
)
 
(37,553,242
)
 
(164,844,329
)
 
(64,761,203
)
 
(81,614,655
)
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
(13,987,342
)
 
2,374,870

 
(25,111,662
)
 
(23,684,087
)
 
71,123

 
(23,587,223
)
 
(29,519,707
)
 
(111,597,406
)
 
(37,614,509
)
 
(40,577,799
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
33,332,045

 
32,369,531

 
48,671,512

 
102,020,442

 
2,033,047

 
12,390,820

 
43,948,359

 
97,724,518

 
54,745,271

 
109,520,279

   Surrenders and terminations
 
(31,283,089
)
 
(25,600,159
)
 
(27,038,427
)
 
(30,413,780
)
 
(106,661
)
 
(5,890,097
)
 
(20,888,391
)
 
(114,743,263
)
 
(24,913,494
)
 
(37,938,626
)
   Transfers between Investment Divisions
 
1,889,047

 
17,393,508

 
15,006,495

 
4,057,351

 
14,150,102

 
(9,472,081
)
 
(3,952,830
)
 
(70,771,224
)
 
(78,955,938
)
 
(79,888,687
)
   Contract owner charges (Note 3)
 
(4,955,160
)
 
(4,343,216
)
 
(5,063,587
)
 
(6,354,798
)
 
(820
)
 
(1,525,492
)
 
(4,789,064
)
 
(17,527,619
)
 
(5,808,203
)
 
(7,196,496
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
(1,017,157
)
 
19,819,664

 
31,575,993

 
69,309,215

 
16,075,668

 
(4,496,850
)
 
14,318,074

 
(105,317,588
)
 
(54,932,364
)
 
(15,503,530
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
(15,004,499
)
 
22,194,534

 
6,464,331

 
45,625,128

 
16,146,791

 
(28,084,073
)
 
(15,201,633
)
 
(216,914,994
)
 
(92,546,873
)
 
(56,081,329
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
449,386,945

 
408,782,494

 
431,510,424

 
567,701,179

 
—

 
128,090,211

 
349,714,430

 
1,557,952,149

 
521,536,485

 
737,968,724

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
434,382,446

 
$
430,977,028

 
$
437,974,755

 
$
613,326,307

 
$
16,146,791

 
$
100,006,138

 
$
334,512,797

 
$
1,341,037,155

 
$
428,989,612

 
$
681,887,395

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
32,538,431

 
12,122,971

 
31,773,320

 
21,390,965

 
—

 
14,982,154

 
44,454,664

 
130,142,185

 
48,135,574

 
63,091,692

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
6,642,881

 
3,679,436

 
9,643,669

 
8,828,659

 
1,488,334

 
6,329,807

 
23,750,704

 
17,082,834

 
10,685,460

 
18,824,122

      Units Redeemed
 
(6,871,467
)
 
(3,263,736
)
 
(7,592,538
)
 
(6,386,967
)
 
(14,993
)
 
(7,088,670
)
 
(22,831,884
)
 
(26,297,856
)
 
(16,057,978
)
 
(20,322,076
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2015
 
32,309,845

 
12,538,671

 
33,824,451

 
23,832,657

 
1,473,341

 
14,223,291

 
45,373,484

 
120,927,163

 
42,763,056

 
61,593,738

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations September 28, 2015.

See notes to the financial statements.
45

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/Franklin Templeton Income Fund - A
 
JNL/Franklin Templeton International Small Cap Growth Fund - A
 
JNL/Franklin Templeton Mutual Shares Fund - A
 
JNL/Goldman Sachs Core Plus Bond Fund - A
 
JNL/Goldman Sachs Emerging Markets Debt Fund - A
 
JNL/Goldman Sachs Mid Cap Value Fund - A
 
JNL/Goldman Sachs U.S. Equity Flex Fund - A
 
JNL/Harris Oakmark Global Equity Fund - A (a)
 
JNL/Invesco Global Real Estate Fund - A
 
JNL/Invesco International Growth Fund - A
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
47,858,335

 
$
(2,391,913
)
 
$
11,650,370

 
$
5,644,969

 
$
(2,414,935
)
 
$
(6,663,730
)
 
$
(5,001,732
)
 
$
(30,069
)
 
$
17,883,575

 
$
3,412,925

   Net realized gain (loss) on investments
 
11,224,706

 
37,553,216

 
49,227,956

 
(4,219,881
)
 
(13,902,054
)
 
53,033,770

 
40,087,643

 
(146,507
)
 
111,919,303

 
12,258,223

   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
(224,402,889
)
 
(30,115,274
)
 
(98,658,082
)
 
(11,746,662
)
 
(8,239,766
)
 
(123,209,008
)
 
(47,091,353
)
 
(389,658
)
 
(170,519,272
)
 
(47,406,638
)
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
(165,319,848
)
 
5,046,029

 
(37,779,756
)
 
(10,321,574
)
 
(24,556,755
)
 
(76,838,968
)
 
(12,005,442
)
 
(566,234
)
 
(40,716,394
)
 
(31,735,490
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
203,426,792

 
74,425,265

 
54,522,050

 
107,766,620

 
6,548,853

 
90,498,650

 
60,770,307

 
5,683,257

 
198,051,763

 
119,226,536

   Surrenders and terminations
 
(123,762,996
)
 
(22,659,647
)
 
(32,795,654
)
 
(63,556,836
)
 
(13,473,890
)
 
(38,164,490
)
 
(18,149,697
)
 
(41,421
)
 
(72,375,136
)
 
(36,577,720
)
   Transfers between Investment Divisions
 
(218,147,763
)
 
64,952,763

 
(20,288,504
)
 
83,902,187

 
(18,287,552
)
 
(29,673,004
)
 
12,450,616

 
2,758,920

 
(46,279,579
)
 
86,047,813

   Contract owner charges (Note 3)
 
(20,573,110
)
 
(5,447,825
)
 
(7,360,126
)
 
(9,550,213
)
 
(1,751,648
)
 
(8,756,654
)
 
(3,913,501
)
 
(387
)
 
(14,989,075
)
 
(7,439,078
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
(159,057,077
)
 
111,270,556

 
(5,922,234
)
 
118,561,758

 
(26,964,237
)
 
13,904,502

 
51,157,725

 
8,400,369

 
64,407,973

 
161,257,551

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
(324,376,925
)
 
116,316,585

 
(43,701,990
)
 
108,240,184

 
(51,520,992
)
 
(62,934,466
)
 
39,152,283

 
7,834,135

 
23,691,579

 
129,522,061

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
1,997,943,848

 
424,813,687

 
625,966,359

 
774,772,895

 
197,206,893

 
718,036,413

 
316,098,716

 
—

 
1,284,167,861

 
619,284,985

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
1,673,566,923

 
$
541,130,272

 
$
582,264,369

 
$
883,013,079

 
$
145,685,901

 
$
655,101,947

 
$
355,250,999

 
$
7,834,135

 
$
1,307,859,440

 
$
748,807,046

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
142,444,264

 
43,002,479

 
51,539,564

 
30,480,079

 
15,557,759

 
35,055,336

 
23,729,531

 
—

 
76,820,365

 
30,512,443

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
26,194,032

 
22,572,032

 
8,912,373

 
13,756,519

 
1,787,039

 
10,141,302

 
12,549,587

 
1,183,949

 
30,119,969

 
15,349,919

      Units Redeemed
 
(38,408,643
)
 
(12,116,584
)
 
(9,495,740
)
 
(9,278,618
)
 
(4,075,548
)
 
(9,651,816
)
 
(8,847,021
)
 
(293,549
)
 
(27,055,558
)
 
(7,849,425
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2015
 
130,229,653

 
53,457,927

 
50,956,197

 
34,957,980

 
13,269,250

 
35,544,822

 
27,432,097

 
890,400

 
79,884,776

 
38,012,937

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations April 27, 2015.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See notes to the financial statements.
46

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/Invesco Large Cap Growth Fund - A
 
JNL/Invesco Mid Cap Value Fund - A
 
JNL/Invesco Small Cap Growth Fund - A
 
JNL/Ivy Asset Strategy Fund - A
 
JNL/JPMorgan MidCap Growth Fund - A
 
JNL/JPMorgan U.S. Government & Quality Bond Fund - A
 
JNL/Lazard Emerging Markets Fund - A
 
JNL/MC 10 x 10 Fund - A
 
JNL/MC Bond Index Fund - A
 
JNL/MC Dow Jones U.S. Contrarian Opportunities Index Fund - A (a)
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
(8,326,001
)
 
$
(3,471,926
)
 
$
(11,740,742
)
 
$
(20,104,747
)
 
$
(13,445,634
)
 
$
6,223,266

 
$
7,001,740

 
$
2,021,692

 
$
4,054,564

 
$
(767,391
)
   Net realized gain (loss) on investments
 
73,489,153

 
22,857,250

 
74,992,024

 
160,646,134

 
140,141,419

 
(3,815,542
)
 
(11,650,154
)
 
24,054,220

 
(655,971
)
 
(16,605,841
)
   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
(45,707,000
)
 
(51,428,853
)
 
(112,032,667
)
 
(416,854,786
)
 
(137,027,460
)
 
(10,997,571
)
 
(88,341,288
)
 
(40,214,748
)
 
(15,673,443
)
 
8,792,174

Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
19,456,152

 
(32,043,529
)
 
(48,781,385
)
 
(276,313,399
)
 
(10,331,675
)
 
(8,589,847
)
 
(92,989,702
)
 
(14,138,836
)
 
(12,274,850
)
 
(8,581,058
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
58,508,448

 
34,774,721

 
189,027,823

 
174,857,022

 
188,072,803

 
113,758,955

 
15,897,372

 
28,702,261

 
114,667,575

 
14,567,853

   Surrenders and terminations
 
(31,439,516
)
 
(17,234,761
)
 
(39,225,426
)
 
(136,178,141
)
 
(46,986,293
)
 
(57,772,858
)
 
(30,942,072
)
 
(23,884,000
)
 
(51,249,108
)
 
(3,484,011
)
   Transfers between Investment Divisions
 
31,644,665

 
(16,691,084
)
 
234,424,113

 
(374,753,795
)
 
207,969,961

 
88,478,837

 
(18,633,246
)
 
(9,884,141
)
 
31,753,729

 
(99,747,620
)
   Contract owner charges (Note 3)
 
(6,581,931
)
 
(3,349,664
)
 
(8,644,029
)
 
(31,575,909
)
 
(9,407,569
)
 
(7,245,723
)
 
(4,508,054
)
 
(4,527,985
)
 
(6,853,370
)
 
(891,922
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
52,131,666

 
(2,500,788
)
 
375,582,481

 
(367,650,823
)
 
339,648,902

 
137,219,211

 
(38,186,000
)
 
(9,593,865
)
 
88,318,826

 
(89,555,700
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
71,587,818

 
(34,544,317
)
 
326,801,096

 
(643,964,222
)
 
329,317,227

 
128,629,364

 
(131,175,702
)
 
(23,732,701
)
 
76,043,976

 
(98,136,758
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
565,049,969

 
311,142,610

 
608,506,397

 
2,903,055,412

 
740,280,882

 
633,095,753

 
492,894,638

 
393,768,518

 
652,066,839

 
98,136,758

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
636,637,787

 
$
276,598,293

 
$
935,307,493

 
$
2,259,091,190

 
$
1,069,598,109

 
761,725,117

 
$
361,718,936

 
$
370,035,817

 
$
728,110,815

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
30,356,136

 
11,427,798

 
23,795,235

 
212,888,435

 
18,804,015

 
30,950,814

 
39,087,244

 
30,580,319

 
45,781,591

 
6,734,799

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
12,516,865

 
3,103,815

 
22,842,232

 
23,760,107

 
14,387,717

 
23,186,842

 
5,863,393

 
4,885,136

 
23,150,257

 
2,590,930

      Units Redeemed
 
(9,765,229
)
 
(3,241,631
)
 
(9,009,027
)
 
(51,744,436
)
 
(6,769,463
)
 
(16,900,106
)
 
(9,320,642
)
 
(5,656,874
)
 
(17,269,927
)
 
(9,325,729
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2015
 
33,107,772

 
11,289,982

 
37,628,440

 
184,904,106

 
26,422,269

 
37,237,550

 
35,629,995

 
29,808,581

 
51,661,921

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) The period is from January 1, 2015 through September 28, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements.

See notes to the financial statements.
47

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/MC Emerging Markets Index Fund - A
 
JNL/MC European 30 Fund - A
 
JNL/MC Global Alpha Fund - A (a)
 
JNL/MC Index 5 Fund - A
 
JNL/MC International Index Fund - A
 
JNL/MC Pacific Rim 30 Fund - A
 
JNL/MC S&P 400 MidCap Index Fund - A
 
JNL/MC S&P 500 Index Fund - A
 
JNL/MC Small Cap Index Fund - A
 
JNL/MC Utilities Sector Fund - A
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
823,763

 
$
1,698,168

 
$
(176,650
)
 
$
2,475,816

 
$
8,554,884

 
$
1,629,968

 
$
(7,315,831
)
 
$
2,238,077

 
$
(10,642,939
)
 
$
82,715

   Net realized gain (loss) on investments
 
(12,607,848
)
 
3,979,007

 
(1,740,731
)
 
42,543,893

 
5,260,714

 
6,691,053

 
146,790,427

 
200,755,024

 
176,228,095

 
554,782

   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
(81,199,435
)
 
(33,125,217
)
 
5,342,821

 
(65,815,227
)
 
(47,733,876
)
 
(12,797,038
)
 
(207,600,679
)
 
(229,359,022
)
 
(242,768,244
)
 
(4,108,706
)
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
(92,983,520
)
 
(27,448,042
)
 
3,425,440

 
(20,795,518
)
 
(33,918,278
)
 
(4,476,017
)
 
(68,126,083
)
 
(26,365,921
)
 
(77,183,088
)
 
(3,471,209
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
90,252,825

 
92,586,971

 
899,347

 
65,895,527

 
172,337,458

 
44,099,945

 
231,624,810

 
598,002,537

 
168,410,828

 
14,386,878

   Surrenders and terminations
 
(21,734,378
)
 
(15,402,086
)
 
(1,028,712
)
 
(33,614,159
)
 
(54,451,219
)
 
(8,904,840
)
 
(80,172,106
)
 
(200,190,214
)
 
(79,615,672
)
 
(2,259,546
)
   Transfers between Investment Divisions
 
25,743,792

 
142,320,918

 
(44,339,057
)
 
848,599

 
72,853,694

 
76,165,233

 
151,830,311

 
139,621,992

 
(2,193,213
)
 
(11,672,759
)
   Contract owner charges (Note 3)
 
(5,837,877
)
 
(4,140,269
)
 
(101,322
)
 
(8,300,434
)
 
(9,595,072
)
 
(2,044,633
)
 
(14,501,302
)
 
(34,323,456
)
 
(11,574,377
)
 
(24,504
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
88,424,362

 
215,365,534

 
(44,569,744
)
 
24,829,533

 
181,144,861

 
109,315,705

 
288,781,713

 
503,110,859

 
75,027,566

 
430,069

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
(4,559,158
)
 
187,917,492

 
(41,144,304
)
 
4,034,015

 
147,226,583

 
104,839,688

 
220,655,630

 
476,744,938

 
(2,155,522
)
 
(3,041,140
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
476,725,115

 
245,362,210

 
41,144,304

 
681,568,328

 
856,844,761

 
115,033,729

 
1,279,351,644

 
3,229,424,582

 
1,179,021,383

 
43,475,821

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
472,165,957

 
$
433,279,702

 
$
—

 
$
685,602,343

 
$
1,004,071,344

 
$
219,873,417

 
$
1,500,007,274

 
$
3,706,169,520

 
$
1,176,865,861

 
$
40,434,681

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
50,802,722

 
17,013,160

 
4,290,430

 
51,593,680

 
49,800,759

 
7,313,844

 
48,283,556

 
179,675,003

 
51,330,529

 
3,653,620

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
26,117,821

 
22,424,753

 
405,216

 
9,879,711

 
23,204,902

 
12,089,348

 
25,452,973

 
75,769,136

 
19,345,144

 
2,625,210

      Units Redeemed
 
(16,709,414
)
 
(8,359,354
)
 
(4,695,646
)
 
(8,131,810
)
 
(13,409,475
)
 
(5,896,130
)
 
(14,939,664
)
 
(48,845,859
)
 
(16,462,482
)
 
(2,649,751
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2015
 
60,211,129

 
31,078,559

 
—

 
53,341,581

 
59,596,186

 
13,507,062

 
58,796,865

 
206,598,280

 
54,213,191

 
3,629,079

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) The period is from January 1, 2015 through April 27, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements.

See notes to the financial statements.
48

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/MMRS Conservative Fund - A
 
JNL/MMRS Growth Fund - A
 
JNL/MMRS Moderate Fund - A
 
JNL/Morgan Stanley Mid Cap Growth Fund - A
 
JNL/Neuberger Berman Strategic Income Fund - A
 
JNL/Oppenheimer Emerging Markets Innovator Fund - A (a)
 
JNL/Oppenheimer Global Growth Fund - A
 
JNL/PIMCO Real Return Fund - A
 
JNL/PIMCO Total Return Bond Fund - A
 
JNL/PPM America Floating Rate Income Fund - A
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
(3,536,403
)
 
$
(426,204
)
 
$
(1,482,914
)
 
$
(1,440,905
)
 
$
(155,270
)
 
$
(15,449
)
 
$
(4,906,279
)
 
$
25,953,424

 
$
45,302,287

 
$
29,098,998

   Net realized gain (loss) on investments
 
(3,334,094
)
 
(569,907
)
 
(1,183,771
)
 
4,275,386

 
7,567,813

 
(112,925
)
 
51,370,963

 
(52,835,949
)
 
50,080,786

 
(4,492,652
)
   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
(24,699,563
)
 
(3,247,664
)
 
(13,147,171
)
 
(9,686,805
)
 
(19,106,787
)
 
(130,222
)
 
(44,081,223
)
 
(27,634,805
)
 
(128,512,106
)
 
(58,225,182
)
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
(31,570,060
)
 
(4,243,775
)
 
(15,813,856
)
 
(6,852,324
)
 
(11,694,244
)
 
(258,596
)
 
2,383,461

 
(54,517,330
)
 
(33,129,033
)
 
(33,618,836
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
60,903,030

 
33,466,616

 
107,372,066

 
25,002,924

 
80,856,906

 
2,735,562

 
113,707,273

 
83,405,392

 
259,069,471

 
210,107,719

   Surrenders and terminations
 
(24,227,383
)
 
(1,913,122
)
 
(5,754,248
)
 
(4,497,862
)
 
(20,939,296
)
 
(31,077
)
 
(42,934,942
)
 
(85,509,339
)
 
(228,455,601
)
 
(72,649,713
)
   Transfers between Investment Divisions
 
415,706,023

 
6,744,681

 
76,967,420

 
4,827,472

 
22,726,822

 
2,103,372

 
182,988,304

 
(135,014,261
)
 
(108,892,823
)
 
(102,658,211
)
   Contract owner charges (Note 3)
 
(304,327
)
 
(38,389
)
 
(119,358
)
 
(1,305,094
)
 
(4,630,200
)
 
(240
)
 
(9,977,526
)
 
(14,247,256
)
 
(34,829,586
)
 
(11,675,341
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
452,077,343

 
38,259,786

 
178,465,880

 
24,027,440

 
78,014,232

 
4,807,617

 
243,783,109

 
(151,365,464
)
 
(113,108,539
)
 
23,124,454

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
420,507,283

 
34,016,011

 
162,652,024

 
17,175,116

 
66,319,988

 
4,549,021

 
246,166,570

 
(205,882,794
)
 
(146,237,572
)
 
(10,494,382
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
24,944,185

 
17,561,425

 
44,028,674

 
84,869,532

 
333,742,609

 
—

 
693,160,565

 
1,317,828,451

 
3,192,629,103

 
1,190,883,299

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
445,451,468

 
$
51,577,436

 
$
206,680,698

 
$
102,044,648

 
$
400,062,597

 
$
4,549,021

 
$
939,327,135

 
$
1,111,945,657

 
$
3,046,391,531

 
$
1,180,388,917

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
2,395,158

 
1,693,878

 
4,239,535

 
6,710,801

 
31,464,239

 
—

 
37,216,962

 
96,758,149

 
162,079,925

 
111,124,452

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
50,716,099

 
5,466,750

 
20,306,129

 
5,876,868

 
20,408,898

 
679,174

 
22,629,514

 
15,146,991

 
33,662,256

 
46,873,742

      Units Redeemed
 
(8,867,825
)
 
(1,832,689
)
 
(3,467,959
)
 
(4,033,688
)
 
(13,168,460
)
 
(139,769
)
 
(10,655,634
)
 
(26,593,695
)
 
(40,049,202
)
 
(44,924,506
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2015
 
44,243,432

 
5,327,939

 
21,077,705

 
8,553,981

 
38,704,677

 
539,405

 
49,190,842

 
85,311,445

 
155,692,979

 
113,073,688

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations April 27, 2015.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


See notes to the financial statements.
49

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/PPM America High Yield Bond Fund - A
 
JNL/PPM America Mid Cap Value Fund - A
 
JNL/PPM America Small Cap Value Fund - A
 
JNL/PPM America Value Equity Fund - A
 
JNL/Red Rocks Listed Private Equity Fund - A
 
JNL/S&P 4 Fund - A
 
JNL/S&P Competitive Advantage Fund - A
 
JNL/S&P Dividend Income & Growth Fund - A
 
JNL/S&P International 5 Fund - A
 
JNL/S&P Intrinsic Value Fund - A
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
67,307,790

 
$
(2,050,972
)
 
$
(2,838,902
)
 
$
(2,618,956
)
 
$
21,469,574

 
$
210,205,424

 
$
(6,260,342
)
 
$
20,095,956

 
$
6,339

 
$
(4,601,966
)
   Net realized gain (loss) on investments
 
(67,622,791
)
 
47,281,527

 
17,920,202

 
9,190,736

 
33,725,952

 
365,825,090

 
122,022,760

 
191,388,170

 
(131,729
)
 
123,127,920

   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
(124,227,701
)
 
(75,281,060
)
 
(38,535,835
)
 
(24,727,169
)
 
(62,757,137
)
 
(928,857,155
)
 
(128,732,964
)
 
(233,348,957
)
 
(1,371,760
)
 
(280,369,022
)
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
(124,542,702
)
 
(30,050,505
)
 
(23,454,535
)
 
(18,155,389
)
 
(7,561,611
)
 
(352,826,641
)
 
(12,970,546
)
 
(21,864,831
)
 
(1,497,150
)
 
(161,843,068
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
173,362,370

 
51,475,892

 
50,338,532

 
12,184,730

 
42,936,555

 
1,141,913,416

 
149,886,406

 
212,547,374

 
12,772,112

 
188,436,116

   Surrenders and terminations
 
(103,083,634
)
 
(15,329,757
)
 
(16,590,872
)
 
(13,291,691
)
 
(31,297,442
)
 
(253,170,351
)
 
(45,580,741
)
 
(120,339,216
)
 
(1,193,173
)
 
(50,611,699
)
   Transfers between Investment Divisions
 
(175,816,263
)
 
(15,298,002
)
 
148,525,556

 
(28,085,500
)
 
(44,811,111
)
 
815,408,874

 
168,149,257

 
(177,418,569
)
 
7,630,712

 
(117,201,155
)
   Contract owner charges (Note 3)
 
(15,888,353
)
 
(3,165,781
)
 
(3,673,711
)
 
(1,577,488
)
 
(3,716,542
)
 
(58,194,463
)
 
(10,218,342
)
 
(25,276,932
)
 
(5,237
)
 
(11,715,532
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
(121,425,880
)
 
17,682,352

 
178,599,505

 
(30,769,949
)
 
(36,888,540
)
 
1,645,957,476

 
262,236,580

 
(110,487,343
)
 
19,204,414

 
8,907,730

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
(245,968,582
)
 
(12,368,153
)
 
155,144,970

 
(48,925,338
)
 
(44,450,151
)
 
1,293,130,835

 
249,266,034

 
(132,352,174
)
 
17,707,264

 
(152,935,338
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
1,605,816,753

 
303,239,522

 
199,123,929

 
202,023,417

 
497,608,907

 
4,667,940,627

 
768,629,162

 
2,242,009,582

 
2,469,128

 
1,041,964,651

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
1,359,848,171

 
$
290,871,369

 
$
354,268,899

 
$
153,098,079

 
$
453,158,756

 
$
5,961,071,462

 
$
1,017,895,196

 
$
2,109,657,408

 
$
20,176,392

 
$
889,029,313

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
83,318,178

 
18,261,469

 
12,752,745

 
7,083,969

 
33,703,834

 
233,025,332

 
37,055,412

 
125,002,996

 
261,790

 
47,112,607

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
49,804,428

 
8,167,229

 
20,876,637

 
1,334,942

 
5,355,327

 
140,446,459

 
24,807,758

 
26,936,504

 
2,559,206

 
19,798,389

      Units Redeemed
 
(56,606,025
)
 
(7,161,452
)
 
(9,765,889
)
 
(2,469,966
)
 
(7,920,715
)
 
(56,193,817
)
 
(12,796,765
)
 
(33,689,440
)
 
(612,207
)
 
(19,765,446
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2015
 
76,516,581

 
19,267,246

 
23,863,493

 
5,948,945

 
31,138,446

 
317,277,974

 
49,066,405

 
118,250,060

 
2,208,789

 
47,145,550

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See notes to the financial statements.
50

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/S&P Managed Aggressive Growth Fund - A
 
JNL/S&P Managed Conservative Fund - A
 
JNL/S&P Managed Growth Fund - A
 
JNL/S&P Managed Moderate Fund - A
 
JNL/S&P Managed Moderate Growth Fund - A
 
JNL/S&P Mid 3 Fund - A
 
JNL/S&P Total Yield Fund - A
 
JNL/Scout Unconstrained Bond Fund - A
 
JNL/T. Rowe Price Established Growth Fund - A
 
JNL/T. Rowe Price Mid-Cap Growth Fund - A
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
(24,006,905
)
 
$
(22,065,687
)
 
$
(67,538,813
)
 
$
(45,392,665
)
 
$
(84,717,517
)
 
$
(2,331,284
)
 
$
(969,010
)
 
$
(258,279
)
 
$
(39,826,095
)
 
$
(42,537,018
)
   Net realized gain (loss) on investments
 
52,542,106

 
21,556,514

 
136,255,390

 
60,428,989

 
141,265,243

 
833,741

 
54,439,625

 
(61,394
)
 
329,747,235

 
361,381,623

   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
(58,037,156
)
 
(42,706,851
)
 
(145,261,787
)
 
(93,541,429
)
 
(182,512,868
)
 
(30,081,139
)
 
(103,664,461
)
 
(121,498
)
 
(76,068,525
)
 
(197,307,497
)
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
(29,501,955
)
 
(43,216,024
)
 
(76,545,210
)
 
(78,505,105
)
 
(125,965,142
)
 
(31,578,682
)
 
(50,193,846
)
 
(441,171
)
 
213,852,615

 
121,537,108

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
216,810,587

 
117,413,752

 
457,912,198

 
246,342,063

 
433,009,508

 
84,156,845

 
78,899,496

 
16,167,173

 
468,790,029

 
389,643,994

   Surrenders and terminations
 
(77,006,672
)
 
(129,196,452
)
 
(231,613,782
)
 
(202,120,745
)
 
(343,324,880
)
 
(7,230,177
)
 
(28,702,655
)
 
(1,222,569
)
 
(145,311,464
)
 
(151,932,814
)
   Transfers between Investment Divisions
 
(20,385,743
)
 
(46,449,708
)
 
(109,602,940
)
 
(105,468,387
)
 
(169,798,498
)
 
94,284,189

 
(98,960,190
)
 
1,558,272

 
689,423,543

 
275,566,982

   Contract owner charges (Note 3)
 
(19,105,701
)
 
(17,625,318
)
 
(55,701,941
)
 
(37,600,658
)
 
(71,177,112
)
 
(1,695,846
)
 
(6,064,762
)
 
(8,414
)
 
(28,509,427
)
 
(33,433,635
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
100,312,471

 
(75,857,726
)
 
60,993,535

 
(98,847,727
)
 
(151,290,982
)
 
169,515,011

 
(54,828,111
)
 
16,494,462

 
984,392,681

 
479,844,527

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
70,810,516

 
(119,073,750
)
 
(15,551,675
)
 
(177,352,832
)
 
(277,256,124
)
 
137,936,329

 
(105,021,957
)
 
16,053,291

 
1,198,245,296

 
601,381,635

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
1,593,830,558

 
1,508,869,615

 
4,602,746,712

 
3,148,394,715

 
5,884,253,118

 
80,070,520

 
582,104,033

 
15,934,607

 
2,315,475,546

 
2,578,873,478

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
1,664,641,074

 
$
1,389,795,865

 
$
4,587,195,037

 
$
2,971,041,883

 
$
5,606,996,994

 
$
218,006,849

 
$
477,082,076

 
$
31,987,898

 
$
3,513,720,842

 
$
3,180,255,113

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
77,401,128

 
111,331,862

 
223,764,008

 
208,439,562

 
304,432,766

 
7,084,138

 
31,338,878

 
1,668,246

 
46,744,519

 
33,064,191

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
17,226,237

 
23,186,614

 
37,428,371

 
28,318,676

 
37,933,781

 
22,187,923

 
12,935,486

 
2,610,872

 
28,616,445

 
12,171,479

      Units Redeemed
 
(12,514,083
)
 
(28,972,530
)
 
(35,019,199
)
 
(35,227,527
)
 
(46,677,088
)
 
(7,403,859
)
 
(16,138,444
)
 
(877,415
)
 
(10,758,138
)
 
(6,569,592
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2015
 
82,113,282

 
105,545,946

 
226,173,180

 
201,530,711

 
295,689,459

 
21,868,202

 
28,135,920

 
3,401,703

 
64,602,826

 
38,666,078


See notes to the financial statements.
51

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/T. Rowe Price Short-Term Bond Fund - A
 
JNL/T. Rowe Price Value Fund - A
 
JNL/Westchester Capital Event Driven Fund - A (a)
 
JNL/WMC Balanced Fund - A
 
JNL/WMC Money Market Fund - A
 
JNL/WMC Value Fund - A
 
JNL/MC 25 Fund - A (b)
 
JNL/MC Communications Sector Fund - A
 
JNL/MC Consumer Brands Sector Fund - A
 
JNL/MC Dow Index Fund - A
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
(3,696,359
)
 
$
(7,928,581
)
 
$
(11,212
)
 
$
(5,931,286
)
 
$
(19,028,746
)
 
$
(51,506
)
 
$
14,756,139

 
$
2,281,982

 
$
(6,357,604
)
 
$
(8,175,890
)
   Net realized gain (loss) on investments
 
(2,982,166
)
 
148,119,607

 
(9,596
)
 
269,096,881

 
5,861

 
89,784,580

 
6,132,415

 
7,681,829

 
89,963,409

 
47,025,010

   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
(2,907,875
)
 
(183,188,463
)
 
(54,518
)
 
(369,302,738
)
 
—

 
(118,999,008
)
 
(79,618,743
)
 
(8,542,513
)
 
(66,757,782
)
 
(50,672,504
)
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
(9,586,400
)
 
(42,997,437
)
 
(75,326
)
 
(106,137,143
)
 
(19,022,885
)
 
(29,265,934
)
 
(58,730,189
)
 
1,421,298

 
16,848,023

 
(11,823,384
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
196,163,854

 
185,084,919

 
1,257,756

 
791,953,269

 
758,815,238

 
56,605,072

 
29,000,107

 
3,770,436

 
115,513,100

 
34,881,492

   Surrenders and terminations
 
(65,267,104
)
 
(71,549,030
)
 
(85,107
)
 
(235,592,237
)
 
(304,809,003
)
 
(38,551,900
)
 
(40,164,918
)
 
(7,073,343
)
 
(39,478,903
)
 
(43,999,496
)
   Transfers between Investment Divisions
 
(29,032,392
)
 
(57,095,064
)
 
1,865,668

 
163,860,693

 
(146,559,518
)
 
(31,433,889
)
 
(791,531,946
)
 
(14,948,807
)
 
305,306,166

 
(59,296,789
)
   Contract owner charges (Note 3)
 
(8,689,288
)
 
(12,705,293
)
 
(373
)
 
(47,405,630
)
 
(15,406,280
)
 
(6,728,344
)
 
(5,513,984
)
 
(1,236,570
)
 
(7,345,422
)
 
(5,278,659
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
93,175,070

 
43,735,532

 
3,037,944

 
672,816,095

 
292,040,437

 
(20,109,061
)
 
(808,210,741
)
 
(19,488,284
)
 
373,994,941

 
(73,693,452
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
83,588,670

 
738,095

 
2,962,618

 
566,678,952

 
273,017,552

 
(49,374,995
)
 
(866,940,930
)
 
(18,066,986
)
 
390,842,964

 
(85,516,836
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
818,120,643

 
1,326,726,370

 
—

 
4,024,875,657

 
1,216,576,030

 
668,418,797

 
866,940,930

 
122,345,356

 
517,690,063

 
580,636,341

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
901,709,313

 
$
1,327,464,465

 
$
2,962,618

 
$
4,591,554,609

 
$
1,489,593,582

 
$
619,043,802

 
$
—

 
$
104,278,370

 
$
908,533,027

 
$
495,119,505

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
78,980,272

 
52,688,070

 
—

 
100,336,882

 
101,006,225

 
21,404,706

 
36,505,272

 
15,791,833

 
23,442,912

 
38,977,200

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
48,501,211

 
15,411,108

 
362,015

 
32,033,664

 
173,917,563

 
3,759,649

 
2,759,825

 
2,130,820

 
25,686,306

 
7,311,367

      Units Redeemed
 
(39,801,455
)
 
(13,893,577
)
 
(47,542
)
 
(15,913,691
)
 
(150,546,241
)
 
(4,436,082
)
 
(39,265,097
)
 
(4,703,358
)
 
(9,847,430
)
 
(12,455,129
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2015
 
87,680,028

 
54,205,601

 
314,473

 
116,456,855

 
124,377,547

 
20,728,273

 
—

 
13,219,295

 
39,281,788

 
33,833,438

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations April 27, 2015.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(b) The period is from January 1, 2015 through September 28, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements.

See notes to the financial statements.
52

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/MC Financial Sector Fund - A
 
JNL/MC Global 30 Fund - A
 
JNL/MC Healthcare Sector Fund - A
 
JNL/MC JNL 5 Fund - A
 
JNL/MC JNL Optimized 5 Fund - A (a)
 
JNL/MC Nasdaq 25 Fund - A
 
JNL/MC Oil & Gas Sector Fund - A
 
JNL/MC S&P 24 Fund - A
 
JNL/MC S&P SMid 60 Fund - A
 
JNL/MC Technology Sector Fund - A
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
(1,883,721
)
 
$
(6,130,836
)
 
$
(26,048,475
)
 
$
34,553,999

 
$
(1,894,538
)
 
$
(7,279,114
)
 
$
1,608,517

 
$
(378,049
)
 
$
3,347,913

 
$
(8,498,308
)
   Net realized gain (loss) on investments
 
55,822,717

 
29,273,947

 
212,817,187

 
129,475,487

 
86,658,872

 
128,719,099

 
(5,643,768
)
 
201,416,800

 
116,898,572

 
120,349,347

   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
(74,526,211
)
 
(64,223,554
)
 
(121,622,288
)
 
(315,049,099
)
 
(70,013,464
)
 
(122,014,824
)
 
(330,544,866
)
 
(268,302,996
)
 
(143,719,970
)
 
(88,434,617
)
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
(20,587,215
)
 
(41,080,443
)
 
65,146,424

 
(151,019,613
)
 
14,750,870

 
(574,839
)
 
(334,580,117
)
 
(67,264,245
)
 
(23,473,485
)
 
23,416,422

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
95,901,092

 
26,904,151

 
541,706,598

 
95,009,149

 
6,952,806

 
149,099,326

 
188,282,644

 
24,561,213

 
42,257,956

 
179,853,473

   Surrenders and terminations
 
(34,608,233
)
 
(40,106,155
)
 
(139,799,223
)
 
(324,081,587
)
 
(11,225,085
)
 
(43,269,525
)
 
(67,277,346
)
 
(50,234,489
)
 
(19,664,057
)
 
(54,790,111
)
   Transfers between Investment Divisions
 
66,343,118

 
28,313,330

 
499,383,103

 
249,051,399

 
(416,207,607
)
 
(10,882,311
)
 
189,822,114

 
340,286,345

 
(73,198,978
)
 
132,789,403

   Contract owner charges (Note 3)
 
(6,609,425
)
 
(3,231,466
)
 
(28,286,065
)
 
(25,133,090
)
 
(1,208,370
)
 
(8,513,225
)
 
(14,003,453
)
 
(4,846,676
)
 
(3,598,013
)
 
(11,530,758
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
121,026,552

 
11,879,860

 
873,004,413

 
(5,154,129
)
 
(421,688,256
)
 
86,434,265

 
296,823,959

 
309,766,393

 
(54,203,092
)
 
246,322,007

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
100,439,337

 
(29,200,583
)
 
938,150,837

 
(156,173,742
)
 
(406,937,386
)
 
85,859,426

 
(37,756,158
)
 
242,502,148

 
(77,676,577
)
 
269,738,429

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
556,140,439

 
382,907,952

 
1,902,635,394

 
2,985,709,749

 
406,937,386

 
750,347,802

 
1,140,786,352

 
340,688,159

 
392,884,476

 
902,611,207

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
656,579,776

 
$
353,707,369

 
$
2,840,786,231

 
$
2,829,536,007

 
$
—

 
$
836,207,228

 
$
1,103,030,194

 
$
583,190,307

 
$
315,207,899

 
$
1,172,349,636

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
46,590,373

 
20,132,283

 
74,574,211

 
168,380,622

 
30,605,314

 
34,744,625

 
31,703,470

 
21,742,439

 
24,281,279

 
81,457,825

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
27,729,771

 
8,487,983

 
54,820,706

 
39,638,526

 
2,085,963

 
17,493,608

 
17,486,905

 
31,523,933

 
6,037,423

 
46,559,329

      Units Redeemed
 
(18,212,513
)
 
(8,100,515
)
 
(24,072,858
)
 
(41,507,017
)
 
(32,691,277
)
 
(13,675,600
)
 
(8,873,473
)
 
(12,164,836
)
 
(9,557,225
)
 
(25,798,761
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2015
 
56,107,631

 
20,519,751

 
105,322,059

 
166,512,131

 
—

 
38,562,633

 
40,316,902

 
41,101,536

 
20,761,477

 
102,218,393

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) The period is from January 1, 2015 through April 27, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements.

See notes to the financial statements.
53

Jackson National Separate Account I
Statements of Changes in Net Assets
 
 
For the Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
JNL/MC Value Line 30 Fund - A (b)
 
JNL/PPM America Total Return Fund - A (a)
Operations
 
 
 
 
   Net investment income (loss)
 
$
(1,948,922
)
 
$
757,688

   Net realized gain (loss) on investments
 
49,185,819

 
(7,812
)
   Net change in unrealized appreciation
 
 
 
 
    (depreciation) on investments
 
(47,816,525
)
 
(1,436,262
)
Net increase (decrease) in net assets
 
 
 
 
   from operations
 
(579,628
)
 
(686,386
)
 
 
 
 
 
Contract transactions 1 
 
 
 
 
   Purchase payments (Note 4)
 
6,912,764

 
17,498,647

   Surrenders and terminations
 
(13,902,683
)
 
(607,848
)
   Transfers between Investment Divisions
 
(423,474,893
)
 
29,368,861

   Contract owner charges (Note 3)
 
(1,055,544
)
 
(112,085
)
Net increase (decrease) in net assets from
 
 
 
 
   contract transactions
 
(431,520,356
)
 
46,147,575

 
 
 
 
 
Net increase (decrease) in net assets
 
(432,099,984
)
 
45,461,189

 
 
 
 
 
Net assets beginning of period
 
432,099,984

 
—

 
 
 
 
 
Net assets end of period
 
$
—

 
$
45,461,189

 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
Units Outstanding at December 31, 2014
 
29,824,486

 
—

 
 
 
 
 
      Units Issued
 
1,487,866

 
3,146,254

      Units Redeemed
 
(31,312,352
)
 
(241,388
)
 
 
 
 
 
Units Outstanding at December 31, 2015
 
—

 
2,904,866

 
 
 
 
 
 
 
 
 
 
(a) The Fund was made available to the separate account effective April 27, 2015.
(b) The period is from January 1, 2015 through April 27, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements.


See notes to the financial statements.
54

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CG - Alt 100 Conservative Fund
 
CG - Alt 100 Growth Fund
 
CG - Alt 100 Moderate Fund
 
CG - Conservative Fund
 
CG - Equity 100 Fund
 
CG - Equity Income Fund
 
CG - Fixed Income 100 Fund
 
CG - Growth Fund
 
CG - Institutional Alt 65 Fund
 
CG - Interest Rate Opportunities Fund
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
(135,873
)
 
$
(148,001
)
 
$
121,192

 
$
(189,986
)
 
$
(292,570
)
 
$
1,490,563

 
$
141,294

 
$
(565,355
)
 
$
(263,347
)
 
$
237,966

   Net realized gain (loss) on investments
 
142,524

 
209,188

 
6,517,396

 
901,431

 
4,357,942

 
1,803,633

 
105,302

 
1,083,633

 
3,005,827

 
304,156

   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
59,144

 
(979,662
)
 
(4,139,034
)
 
499,315

 
(1,385,167
)
 
262,061

 
(231,400
)
 
1,668,014

 
(1,218,150
)
 
(889,360
)
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
65,795

 
(918,475
)
 
2,499,554

 
1,210,760

 
2,680,205

 
3,556,257

 
15,196

 
2,186,292

 
1,524,330

 
(347,238
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
18,458,822

 
58,151,007

 
90,262,414

 
52,478,514

 
30,814,530

 
15,583,548

 
19,467,424

 
111,875,238

 
27,125,728

 
20,956,828

   Surrenders and terminations
 
(1,153,691
)
 
(1,801,063
)
 
(11,220,851
)
 
(5,509,675
)
 
(3,121,159
)
 
(3,098,758
)
 
(3,319,356
)
 
(2,589,065
)
 
(5,272,974
)
 
(1,861,534
)
   Transfers between Investment Divisions
 
(798,440
)
 
11,740,158

 
(26,491,719
)
 
(5,767,074
)
 
(768,116
)
 
2,855,588

 
6,185,921

 
814,870

 
(6,341,736
)
 
326,039

   Contract owner charges (Note 3)
 
(13,516
)
 
(43,765
)
 
(216,323
)
 
(59,891
)
 
(45,545
)
 
(44,404
)
 
(20,838
)
 
(48,356
)
 
(83,713
)
 
(14,894
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
16,493,175

 
68,046,337

 
52,333,521

 
41,141,874

 
26,879,710

 
15,295,974

 
22,313,151

 
110,052,687

 
15,427,305

 
19,406,439

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
16,558,970

 
67,127,862

 
54,833,075

 
42,352,634

 
29,559,915

 
18,852,231

 
22,328,347

 
112,238,979

 
16,951,635

 
19,059,201

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
17,738,505

 
37,070,387

 
275,259,838

 
55,255,419

 
49,262,282

 
43,192,367

 
22,059,048

 
43,815,918

 
107,396,269

 
28,938,249

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
34,297,475

 
$
104,198,249

 
$
330,092,913

 
$
97,608,053

 
$
78,822,197

 
$
62,044,598

 
$
44,387,395

 
$
156,054,897

 
$
124,347,904

 
$
47,997,450

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2013
 
1,786,805

 
3,667,273

 
26,425,130

 
5,267,640

 
3,805,968

 
3,598,785

 
2,275,015

 
4,032,811

 
9,661,615

 
2,962,394

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
2,385,589

 
7,121,465

 
9,227,898

 
5,853,009

 
2,890,950

 
1,743,612

 
3,006,173

 
11,075,341

 
2,848,870

 
2,899,431

      Units Redeemed
 
(728,426
)
 
(597,010
)
 
(4,348,297
)
 
(2,047,524
)
 
(828,863
)
 
(533,476
)
 
(753,875
)
 
(1,175,990
)
 
(1,491,044
)
 
(947,525
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
3,443,968

 
10,191,728

 
31,304,731

 
9,073,125

 
5,868,055

 
4,808,921

 
4,527,313

 
13,932,162

 
11,019,441

 
4,914,300

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See notes to the financial statements.
55

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CG - International Conservative Fund
 
CG - International Growth Fund
 
CG - International Moderate Fund
 
CG - Maximum Growth Fund
 
CG - Moderate Fund
 
CG - Moderate Growth Fund
 
CG - Multi-Strategy Income Fund
 
CG - Real Assets Fund
 
CG - Tactical Maximum Growth Fund
 
CG - Tactical Moderate Growth Fund
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
(1,121
)
 
$
(20,277
)
 
$
4,342

 
$
(337,832
)
 
$
(756,097
)
 
$
(1,251,024
)
 
$
172,480

 
$
6,458

 
$
(382,731
)
 
$
(450,873
)
   Net realized gain (loss) on investments
 
12,859

 
72,375

 
83,813

 
4,715,045

 
8,813,937

 
10,658,084

 
227,721

 
7,749

 
4,463,350

 
14,676,145

   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
(210,315
)
 
(423,192
)
 
(559,612
)
 
(1,674,601
)
 
(3,011,335
)
 
(354,980
)
 
(407,987
)
 
(762,068
)
 
(1,930,116
)
 
(5,731,616
)
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
(198,577
)
 
(371,094
)
 
(471,457
)
 
2,702,612

 
5,046,505

 
9,052,080

 
(7,786
)
 
(747,861
)
 
2,150,503

 
8,493,656

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
3,258,949

 
4,097,455

 
6,434,655

 
47,788,908

 
170,983,799

 
210,284,455

 
16,679,898

 
6,141,171

 
30,844,266

 
69,385,409

   Surrenders and terminations
 
(173,086
)
 
(181,361
)
 
(319,238
)
 
(2,822,886
)
 
(15,255,870
)
 
(13,697,675
)
 
(1,685,273
)
 
(309,955
)
 
(1,942,433
)
 
(11,390,176
)
   Transfers between Investment Divisions
 
(70,623
)
 
(334,513
)
 
(185,336
)
 
587,003

 
1,559,738

 
18,438,299

 
2,464,282

 
840,689

 
(4,986,138
)
 
(6,988,130
)
   Contract owner charges (Note 3)
 
(1,910
)
 
(6,088
)
 
(5,000
)
 
(75,033
)
 
(118,375
)
 
(255,186
)
 
(11,006
)
 
(2,571
)
 
(57,845
)
 
(195,288
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
3,013,330

 
3,575,493

 
5,925,081

 
45,477,992

 
157,169,292

 
214,769,893

 
17,447,901

 
6,669,334

 
23,857,850

 
50,811,815

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
2,814,753

 
3,204,399

 
5,453,624

 
48,180,604

 
162,215,797

 
223,821,973

 
17,440,115

 
5,921,473

 
26,008,353

 
59,305,471

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
1,844,020

 
4,523,603

 
4,824,711

 
65,550,919

 
172,058,654

 
252,988,721

 
20,207,299

 
4,998,604

 
66,139,049

 
228,187,759

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
4,658,773

 
$
7,728,002

 
$
10,278,335

 
$
113,731,523

 
$
334,274,451

 
$
476,810,694

 
$
37,647,414

 
$
10,920,077

 
$
92,147,402

 
$
287,493,230

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2013
 
189,390

 
447,087

 
485,431

 
5,422,389

 
14,869,737

 
21,931,887

 
2,091,877

 
508,538

 
5,698,163

 
19,989,081

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
361,686

 
540,081

 
834,197

 
4,558,371

 
16,285,102

 
20,850,285

 
2,283,619

 
995,148

 
3,012,741

 
6,979,085

      Units Redeemed
 
(57,395
)
 
(189,520
)
 
(239,942
)
 
(866,425
)
 
(3,007,209
)
 
(2,660,027
)
 
(510,696
)
 
(362,179
)
 
(982,107
)
 
(2,602,612
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
493,681

 
797,648

 
1,079,686

 
9,114,335

 
28,147,630

 
40,122,145

 
3,864,800

 
1,141,507

 
7,728,797

 
24,365,554

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See notes to the financial statements.
56

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Curian Dynamic Risk Advantage - Diversified Fund
 
Curian Dynamic Risk Advantage - Growth Fund
 
Curian Dynamic Risk Advantage - Income Fund
 
Curian Focused International Equity Fund
 
Curian Focused U.S. Equity Fund
 
Curian Long Short Credit Fund
 
Curian Tactical Advantage 35 Fund
 
Curian Tactical Advantage 60 Fund
 
Curian Tactical Advantage 75 Fund
 
Curian/Aberdeen Latin America Fund
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
(2,512,953
)
 
$
(594,313
)
 
$
1,454,156

 
$
(18,645
)
 
$
(37,844
)
 
$
109,528

 
$
(85,239
)
 
$
(336,803
)
 
$
(317,950
)
 
$
2,004

   Net realized gain (loss) on investments
 
1,795,343

 
(497,359
)
 
3,073,298

 
3,019

 
(16,055
)
 
220,134

 
1,527,215

 
4,695,306

 
5,464,748

 
(138,780
)
   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
9,853,467

 
(2,004,531
)
 
5,783,050

 
(46,970
)
 
63,147

 
(754,555
)
 
(296,842
)
 
(881,337
)
 
(2,049,979
)
 
(270,573
)
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
9,135,857

 
(3,096,203
)
 
10,310,504

 
(62,596
)
 
9,248

 
(424,893
)
 
1,145,134

 
3,477,166

 
3,096,819

 
(407,349
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
58,114,563

 
22,156,448

 
38,163,738

 
2,396,018

 
4,025,071

 
7,345,782

 
15,235,071

 
35,185,757

 
35,972,741

 
1,131,758

   Surrenders and terminations
 
(15,420,552
)
 
(2,937,055
)
 
(11,881,178
)
 
(34,058
)
 
(48,099
)
 
(1,044,149
)
 
(2,423,249
)
 
(6,335,173
)
 
(5,033,458
)
 
(65,252
)
   Transfers between Investment Divisions
 
(46,148,520
)
 
(13,997,817
)
 
(11,720,614
)
 
477,790

 
1,772,408

 
1,241,989

 
(848,835
)
 
(2,860,049
)
 
(6,295,854
)
 
(246,048
)
   Contract owner charges (Note 3)
 
(215,613
)
 
(58,573
)
 
(129,035
)
 
(469
)
 
(1,139
)
 
(2,097
)
 
(20,174
)
 
(74,336
)
 
(78,782
)
 
(936
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
(3,670,122
)
 
5,163,003

 
14,432,911

 
2,839,281

 
5,748,241

 
7,541,525

 
11,942,813

 
25,916,199

 
24,564,647

 
819,522

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
5,465,735

 
2,066,800

 
24,743,415

 
2,776,685

 
5,757,489

 
7,116,632

 
13,087,947

 
29,393,365

 
27,661,466

 
412,173

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
238,699,935

 
55,489,483

 
149,063,666

 
424,533

 
537,789

 
5,576,247

 
32,732,046

 
80,234,581

 
70,581,418

 
1,215,921

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
244,165,670

 
$
57,556,283

 
$
173,807,081

 
$
3,201,218

 
$
6,295,278

 
$
12,692,879

 
$
45,819,993

 
$
109,627,946

 
$
98,242,884

 
$
1,628,094

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2013
 
23,617,733

 
5,830,292

 
14,465,574

 
40,481

 
49,184

 
552,471

 
3,001,678

 
6,836,993

 
5,718,342

 
146,989

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
5,998,529

 
2,661,671

 
4,414,911

 
301,380

 
629,026

 
1,035,459

 
1,715,644

 
3,386,048

 
3,345,366

 
523,170

      Units Redeemed
 
(6,402,419
)
 
(2,115,040
)
 
(3,118,614
)
 
(30,502
)
 
(116,521
)
 
(297,761
)
 
(634,065
)
 
(1,190,524
)
 
(1,375,530
)
 
(434,963
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
23,213,843

 
6,376,923

 
15,761,871

 
311,359

 
561,689

 
1,290,169

 
4,083,257

 
9,032,517

 
7,688,178

 
235,196

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See notes to the financial statements.
57

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Curian/American Funds Global Growth Fund
 
Curian/American Funds Growth Fund
 
Curian/AQR Risk Parity Fund
 
Curian/Ashmore Emerging Market Small Cap Equity Fund
 
Curian/Baring International Fixed Income Fund
 
Curian/BlackRock Global Long Short Credit Fund
 
Curian/CenterSquare International Real Estate Securities Fund
 
Curian/DFA U.S. Micro Cap Fund
 
Curian/DoubleLine Total Return Fund
 
Curian/Eaton Vance Global Macro Absolute Return Advantage Fund
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
(143,383
)
 
$
(518,624
)
 
$
(96,118
)
 
$
(27,184
)
 
$
(30,791
)
 
$
(433,466
)
 
$
174,481

 
$
(261,902
)
 
$
(135,853
)
 
$
(113,502
)
   Net realized gain (loss) on investments
 
102,986

 
1,872,016

 
689,341

 
43,087

 
(10,464
)
 
234,217

 
27,881

 
2,900,524

 
160,310

 
52,090

   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
452,107

 
3,596,437

 
(737,805
)
 
(364,085
)
 
(213,694
)
 
(145,718
)
 
(288,883
)
 
(2,045,481
)
 
1,077,960

 
476,459

Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
411,710

 
4,949,829

 
(144,582
)
 
(348,182
)
 
(254,949
)
 
(344,967
)
 
(86,521
)
 
593,141

 
1,102,417

 
415,047

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
22,954,913

 
42,391,896

 
10,588,444

 
1,832,658

 
3,413,076

 
31,529,505

 
4,176,641

 
15,816,707

 
41,504,088

 
5,261,188

   Surrenders and terminations
 
(522,581
)
 
(2,193,035
)
 
(422,495
)
 
(90,963
)
 
(83,692
)
 
(2,515,556
)
 
(203,110
)
 
(729,327
)
 
(1,838,942
)
 
(422,125
)
   Transfers between Investment Divisions
 
3,187,633

 
7,822,866

 
7,698,645

 
435,129

 
(391,689
)
 
2,963,461

 
606,040

 
1,856,674

 
22,375,607

 
1,447,954

   Contract owner charges (Note 3)
 
(2,920
)
 
(29,810
)
 
(3,186
)
 
(1,295
)
 
(579
)
 
(7,721
)
 
(2,104
)
 
(11,101
)
 
(21,559
)
 
(3,344
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
25,617,045

 
47,991,917

 
17,861,408

 
2,175,529

 
2,937,116

 
31,969,689

 
4,577,467

 
16,932,953

 
62,019,194

 
6,283,673

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
26,028,755

 
52,941,746

 
17,716,826

 
1,827,347

 
2,682,167

 
31,624,722

 
4,490,946

 
17,526,094

 
63,121,611

 
6,698,720

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
5,062,821

 
45,213,753

 
1,348,020

 
1,527,108

 
1,210,323

 
22,308,296

 
3,063,702

 
16,188,484

 
5,167,164

 
7,451,445

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
31,091,576

 
$
98,155,499

 
$
19,064,846

 
$
3,354,455

 
$
3,892,490

 
$
53,933,018

 
$
7,554,648

 
$
33,714,578

 
$
68,288,775

 
$
14,150,165

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2013
 
461,640

 
3,335,385

 
134,410

 
147,852

 
126,678

 
2,224,900

 
330,504

 
1,130,300

 
518,337

 
788,584

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
2,584,492

 
4,119,541

 
1,967,260

 
282,155

 
521,827

 
4,207,713

 
715,539

 
1,644,233

 
6,494,658

 
927,807

      Units Redeemed
 
(239,327
)
 
(679,696
)
 
(321,932
)
 
(67,228
)
 
(225,763
)
 
(1,059,471
)
 
(228,988
)
 
(443,576
)
 
(512,612
)
 
(271,495
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
2,806,805

 
6,775,230

 
1,779,738

 
362,779

 
422,742

 
5,373,142

 
817,055

 
2,330,957

 
6,500,383

 
1,444,896

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See notes to the financial statements.
58

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Curian/Epoch Global Shareholder Yield Fund
 
Curian/FAMCO Flex Core Covered Call Fund
 
Curian/Franklin Templeton Frontier Markets Fund
 
Curian/Franklin Templeton Natural Resources Fund
 
Curian/Lazard International Strategic Equity Fund
 
Curian/Neuberger Berman Currency Fund
 
Curian/Neuberger Berman Risk Balanced Commodity Strategy Fund(a)
 
Curian/Nicholas Convertible Arbitrage Fund
 
Curian/PIMCO Credit Income Fund
 
Curian/PineBridge Merger Arbitrage Fund
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
(224,763
)
 
$
(843,364
)
 
$
487,540

 
$
(277,563
)
 
$
(100,821
)
 
$
(136,699
)
 
$
(12,842
)
 
$
(108,725
)
 
$
(244,515
)
 
$
(707,764
)
   Net realized gain (loss) on investments
 
495,748

 
980,101

 
1,384,249

 
5,554,508

 
42,335

 
12,964

 
(70,251
)
 
1,213,219

 
110,251

 
(153,863
)
   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
489,526

 
6,284,390

 
(5,146,496
)
 
(12,892,044
)
 
(312,742
)
 
400,040

 
(543,308
)
 
(2,966,806
)
 
1,502,020

 
(255,976
)
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
760,511

 
6,421,127

 
(3,274,707
)
 
(7,615,099
)
 
(371,228
)
 
276,305

 
(626,401
)
 
(1,862,312
)
 
1,367,756

 
(1,117,603
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
10,162,070

 
38,895,411

 
10,243,361

 
14,195,074

 
8,844,246

 
3,382,445

 
2,423,627

 
19,203,781

 
12,867,360

 
20,947,077

   Surrenders and terminations
 
(953,212
)
 
(3,853,037
)
 
(373,382
)
 
(949,844
)
 
(188,281
)
 
(601,463
)
 
(45,062
)
 
(2,879,747
)
 
(1,325,016
)
 
(3,952,746
)
   Transfers between Investment Divisions
 
841,313

 
5,723,646

 
71,116

 
1,894,681

 
2,892,025

 
426,624

 
1,372,107

 
9,414,558

 
2,053,236

 
(14,257,575
)
   Contract owner charges (Note 3)
 
(7,501
)
 
(31,541
)
 
(4,821
)
 
(14,234
)
 
(2,280
)
 
(6,130
)
 
(35
)
 
(28,305
)
 
(11,583
)
 
(34,647
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
10,042,670

 
40,734,479

 
9,936,274

 
15,125,677

 
11,545,710

 
3,201,476

 
3,750,637

 
25,710,287

 
13,583,997

 
2,702,109

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
10,803,181

 
47,155,606

 
6,661,567

 
7,510,578

 
11,174,482

 
3,477,781

 
3,124,236

 
23,847,975

 
14,951,753

 
1,584,506

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
15,590,221

 
59,229,238

 
10,523,693

 
19,294,478

 
3,438,085

 
10,983,665

 
—

 
40,484,175

 
19,395,476

 
63,826,261

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
26,393,402

 
$
106,384,844

 
$
17,185,260

 
$
26,805,056

 
$
14,612,567

 
$
14,461,446

 
$
3,124,236

 
$
64,332,150

 
$
34,347,229

 
$
65,410,767

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2013
 
1,203,658

 
5,215,087

 
863,084

 
2,045,134

 
298,490

 
1,124,211

 
—

 
3,896,661

 
1,886,848

 
6,448,094

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
1,111,949

 
4,276,570

 
1,235,223

 
2,281,131

 
1,166,793

 
675,744

 
539,335

 
3,920,432

 
1,754,054

 
2,414,998

      Units Redeemed
 
(373,963
)
 
(795,258
)
 
(423,740
)
 
(710,722
)
 
(165,187
)
 
(352,310
)
 
(132,796
)
 
(1,492,722
)
 
(503,244
)
 
(2,147,025
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
1,941,644

 
8,696,399

 
1,674,567

 
3,615,543

 
1,300,096

 
1,447,645

 
406,539

 
6,324,371

 
3,137,658

 
6,716,067

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations April 28, 2014.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See notes to the financial statements.
59

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Curian/Schroder Emerging Europe Fund
 
Curian/T. Rowe Price Capital Appreciation Fund
 
Curian/The Boston Company Equity Income Fund
 
Curian/The Boston Company Multi-Alpha Market Neutral Equity Fund(a)
 
Curian/UBS Global Long Short Fixed Income Opportunities Fund
 
Curian/Van Eck International Gold Fund
 
JNL Disciplined Growth Fund - A
 
JNL Disciplined Moderate Fund - A
 
JNL Disciplined Moderate Growth Fund - A
 
JNL Institutional Alt 20 Fund - A
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
53,706

 
$
49,915

 
$
(363,036
)
 
$
(60,568
)
 
$
(136,859
)
 
$
(172,189
)
 
$
1,004,638

 
$
8,587,035

 
$
5,919,691

 
$
4,656,192

   Net realized gain (loss) on investments
 
(180,098
)
 
2,386,654

 
2,029,564

 
(367,190
)
 
(74,340
)
 
(1,400,459
)
 
35,338,405

 
72,004,152

 
89,988,583

 
51,504,477

   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
(727,729
)
 
1,893,127

 
1,950,768

 
(33,342
)
 
(544,540
)
 
(3,825,012
)
 
(15,657,034
)
 
(38,925,580
)
 
(47,813,859
)
 
(43,403,284
)
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
(854,121
)
 
4,329,696

 
3,617,296

 
(461,100
)
 
(755,739
)
 
(5,397,660
)
 
20,686,009

 
41,665,607

 
48,094,415

 
12,757,385

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
1,815,860

 
49,743,859

 
15,641,768

 
1,433,405

 
8,575,139

 
12,286,769

 
127,471,079

 
156,910,460

 
225,264,551

 
139,720,901

   Surrenders and terminations
 
(166,843
)
 
(1,589,714
)
 
(1,711,981
)
 
(224,552
)
 
(1,006,219
)
 
(845,335
)
 
(19,945,389
)
 
(60,131,639
)
 
(50,941,800
)
 
(65,769,149
)
   Transfers between Investment Divisions
 
88,168

 
23,110,487

 
697,369

 
(19,169,827
)
 
437,934

 
8,829,775

 
8,043,241

 
48,407,810

 
49,739,057

 
(75,210,067
)
   Contract owner charges (Note 3)
 
(976
)
 
(14,843
)
 
(12,098
)
 
(2,242
)
 
(25,123
)
 
(20,236
)
 
(7,105,090
)
 
(13,217,379
)
 
(16,305,779
)
 
(21,666,019
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
1,736,209

 
71,249,789

 
14,615,058

 
(17,963,216
)
 
7,981,731

 
20,250,973

 
108,463,841

 
131,969,252

 
207,756,029

 
(22,924,334
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
882,088

 
75,579,485

 
18,232,354

 
(18,424,316
)
 
7,225,992

 
14,853,313

 
129,149,850

 
173,634,859

 
255,850,444

 
(10,166,949
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
1,538,985

 
9,228,428

 
28,342,432

 
18,424,316

 
7,719,540

 
11,291,223

 
521,713,292

 
1,026,832,403

 
1,216,735,393

 
1,697,532,924

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
2,421,073

 
$
84,807,913

 
$
46,574,786

 
$
—

 
$
14,945,532

 
$
26,144,536

 
$
650,863,142

 
$
1,200,467,262

 
$
1,472,585,837

 
$
1,687,365,975

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2013
 
148,995

 
877,948

 
1,948,410

 
1,865,063

 
780,745

 
2,435,614

 
45,866,327

 
82,175,928

 
100,110,377

 
102,360,408

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
447,096

 
6,755,232

 
1,394,055

 
172,822

 
1,244,050

 
5,103,405

 
14,939,756

 
18,113,522

 
25,474,371

 
10,161,234

      Units Redeemed
 
(270,668
)
 
(336,301
)
 
(429,595
)
 
(2,037,885
)
 
(426,289
)
 
(1,467,713
)
 
(5,556,603
)
 
(7,871,092
)
 
(8,731,270
)
 
(11,598,032
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
325,423

 
7,296,879

 
2,912,870

 
—

 
1,598,506

 
6,071,306

 
55,249,480

 
92,418,358

 
116,853,478

 
100,923,610

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) The period is from January 1, 2014 through the date the Curian/The Boston Company Multi-Alpha Market Neutral Equity Fund was acquired by Curian/Nicholas Convertible Arbitrage Fund on April 28, 2014.
 
 
 
 

See notes to the financial statements.
60

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL Institutional Alt 35 Fund - A
 
JNL Institutional Alt 50 Fund - A
 
JNL Institutional Alt 65 Fund - A
 
JNL/ AllianceBernstein Dynamic Asset Allocation Fund - A (a)
 
JNL/American Funds Balanced Allocation Fund - A
 
JNL/American Funds Blue Chip Income and Growth Fund - A
 
JNL/American Funds Global Bond Fund - A
 
JNL/American Funds Global Small Capitalization Fund - A
 
JNL/American Funds Growth Allocation Fund - A
 
JNL/American Funds Growth-Income Fund - A
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
3,524,823

 
$
366,328

 
$
(204,381
)
 
$
21,141

 
$
(2,620,537
)
 
$
(4,412,536
)
 
$
(7,297,287
)
 
$
(4,439,867
)
 
$
(3,519,769
)
 
$
(14,485,869
)
   Net realized gain (loss) on investments
 
71,720,725

 
93,977,762

 
30,674,683

 
64,020

 
9,485,659

 
49,322,682

 
2,836,280

 
16,836,640

 
9,774,418

 
80,254,148

   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
(65,352,079
)
 
(83,789,059
)
 
(28,104,699
)
 
(92,567
)
 
7,629,027

 
131,264,727

 
951,192

 
(13,848,057
)
 
4,770,307

 
95,926,694

Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
9,893,469

 
10,555,031

 
2,365,603

 
(7,406
)
 
14,494,149

 
176,174,873

 
(3,509,815
)
 
(1,451,284
)
 
11,024,956

 
161,694,973

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
188,195,227

 
318,854,385

 
(60,000
)
 
15,405,310

 
220,345,588

 
272,957,153

 
54,083,932

 
66,930,595

 
210,918,445

 
549,017,858

   Surrenders and terminations
 
(98,547,480
)
 
(133,467,226
)
 
(40,966,302
)
 
(211,260
)
 
(24,915,268
)
 
(54,688,870
)
 
(24,354,768
)
 
(13,791,654
)
 
(16,718,006
)
 
(75,229,330
)
   Transfers between Investment Divisions
 
(137,482,673
)
 
(184,751,670
)
 
(77,829,882
)
 
3,504,077

 
107,437,687

 
224,322,858

 
14,128,682

 
7,381,217

 
83,896,753

 
140,639,543

   Contract owner charges (Note 3)
 
(29,173,811
)
 
(40,586,361
)
 
(8,236,648
)
 
(711
)
 
(6,935,778
)
 
(16,352,044
)
 
(5,478,787
)
 
(4,242,229
)
 
(6,218,217
)
 
(21,302,984
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
(77,008,737
)
 
(39,950,872
)
 
(127,092,832
)
 
18,697,416

 
295,932,229

 
426,239,097

 
38,379,059

 
56,277,929

 
271,878,975

 
593,125,087

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
(67,115,268
)
 
(29,395,841
)
 
(124,727,229
)
 
18,690,010

 
310,426,378

 
602,413,970

 
34,869,244

 
54,826,645

 
282,903,931

 
754,820,060

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
2,315,266,549

 
3,197,208,283

 
746,748,398

 
—

 
439,310,178

 
1,145,062,654

 
433,086,282

 
316,078,255

 
357,689,205

 
1,561,325,247

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
2,248,151,281

 
$
3,167,812,442

 
$
622,021,169

 
$
18,690,010

 
$
749,736,556

 
$
1,747,476,624

 
$
467,955,526

 
$
370,904,900

 
$
640,593,136

 
$
2,316,145,307

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2013
 
136,061,378

 
188,513,109

 
43,102,690

 
—

 
37,487,069

 
78,386,378

 
40,893,421

 
24,614,194

 
29,047,750

 
103,723,182

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
12,509,362

 
21,809,873

 
110,892

 
2,054,661

 
29,139,277

 
33,748,738

 
13,481,806

 
9,546,090

 
25,656,664

 
47,053,705

      Units Redeemed
 
(17,105,472
)
 
(24,370,108
)
 
(7,382,491
)
 
(223,299
)
 
(4,379,656
)
 
(6,575,244
)
 
(10,073,799
)
 
(5,404,578
)
 
(4,001,544
)
 
(9,287,583
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
131,465,268

 
185,952,874

 
35,831,091

 
1,831,362

 
62,246,690

 
105,559,872

 
44,301,428

 
28,755,706

 
50,702,870

 
141,489,304

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations April 28, 2014.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See notes to the financial statements.
61

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/American Funds International Fund - A
 
JNL/American Funds New World Fund - A
 
JNL/AQR Managed Futures Strategy Fund - A
 
JNL/BlackRock Commodity Securities Strategy Fund - A
 
JNL/BlackRock Global Allocation Fund - A
 
JNL/BlackRock Large Cap Select Growth Fund - A
 
JNL/Boston Partners Global Long Short Equity Fund - A (a)
 
JNL/Brookfield Global Infrastructure and MLP Fund - A
 
JNL/Capital Guardian Global Balanced Fund - A
 
JNL/Capital Guardian Global Diversified Research Fund - A
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
(4,089,841
)
 
$
(4,344,063
)
 
$
1,407,788

 
$
(14,740,005
)
 
$
(20,885,144
)
 
$
(9,212,767
)
 
$
(5,635
)
 
$
(4,281,408
)
 
$
(2,716,193
)
 
$
(2,929,967
)
   Net realized gain (loss) on investments
 
14,306,600

 
13,574,457

 
5,499,955

 
18,908,989

 
115,008,057

 
78,302,659

 
296

 
38,103,517

 
12,605,273

 
17,024,856

   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
(40,374,560
)
 
(82,338,265
)
 
989,358

 
(161,723,676
)
 
(84,149,029
)
 
(23,727,052
)
 
36,118

 
(27,474,360
)
 
(14,144,073
)
 
(10,816,433
)
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
(30,157,801
)
 
(73,107,871
)
 
7,897,101

 
(157,554,692
)
 
9,973,884

 
45,362,840

 
30,779

 
6,347,749

 
(4,254,993
)
 
3,278,456

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
142,941,197

 
123,217,259

 
24,615,480

 
107,151,960

 
708,837,551

 
79,386,832

 
1,026,937

 
215,777,106

 
37,519,676

 
25,050,136

   Surrenders and terminations
 
(19,520,285
)
 
(22,958,137
)
 
(4,067,788
)
 
(53,936,263
)
 
(108,203,057
)
 
(38,270,996
)
 
(60,361
)
 
(25,238,781
)
 
(29,971,042
)
 
(25,893,744
)
   Transfers between Investment Divisions
 
61,124,610

 
64,396,462

 
(4,357,251
)
 
(1,300,205
)
 
62,744,635

 
16,029,405

 
2,305,978

 
267,307,743

 
(9,763,546
)
 
7,358,942

   Contract owner charges (Note 3)
 
(6,829,598
)
 
(8,110,690
)
 
(36,436
)
 
(10,609,031
)
 
(34,572,232
)
 
(6,198,353
)
 
(34
)
 
(5,754,759
)
 
(4,400,064
)
 
(3,713,441
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
177,715,924

 
156,544,894

 
16,154,005

 
41,306,461

 
628,806,897

 
50,946,888

 
3,272,520

 
452,091,309

 
(6,614,976
)
 
2,801,893

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
147,558,123

 
83,437,023

 
24,051,106

 
(116,248,231
)
 
638,780,781

 
96,309,728

 
3,303,299

 
458,439,058

 
(10,869,969
)
 
6,080,349

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
531,620,516

 
617,703,585

 
75,698,680

 
959,276,176

 
2,635,570,638

 
596,970,897

 
—

 
395,362,294

 
460,256,914

 
402,702,145

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
679,178,639

 
$
701,140,608

 
$
99,749,786

 
$
843,027,945

 
$
3,274,351,419

 
$
693,280,625

 
$
3,303,299

 
$
853,801,352

 
$
449,386,945

 
$
408,782,494

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2013
 
42,420,008

 
51,449,656

 
7,255,203

 
87,201,199

 
221,416,359

 
15,995,477

 
—

 
26,809,743

 
33,129,204

 
12,088,401

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
17,666,464

 
18,759,778

 
3,348,813

 
16,570,143

 
73,219,893

 
4,329,744

 
352,733

 
32,868,423

 
3,886,907

 
1,467,892

      Units Redeemed
 
(3,448,305
)
 
(5,697,038
)
 
(1,748,518
)
 
(13,283,791
)
 
(20,987,192
)
 
(3,132,221
)
 
(16,689
)
 
(4,987,337
)
 
(4,477,680
)
 
(1,433,322
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
56,638,167

 
64,512,396

 
8,855,498

 
90,487,551

 
273,649,060

 
17,193,000

 
336,044

 
54,690,829

 
32,538,431

 
12,122,971

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations September 15, 2014.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See notes to the financial statements.
62

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/DFA U.S. Core Equity Fund - A
 
JNL/Eagle SmallCap Equity Fund - A
 
JNL/Eastspring Investments Asia ex-Japan Fund - A
 
JNL/Eastspring Investments China-India Fund - A
 
JNL/Franklin Templeton Founding Strategy Fund - A
 
JNL/Franklin Templeton Global Growth Fund - A
 
JNL/Franklin Templeton Global Multisector Bond Fund - A
 
JNL/Franklin Templeton Income Fund - A
 
JNL/Franklin Templeton International Small Cap Growth Fund - A
 
JNL/Franklin Templeton Mutual Shares Fund - A
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
(3,804,413
)
 
$
(16,311,567
)
 
$
(646,935
)
 
$
(2,076,234
)
 
$
1,929,245

 
$
(3,455,117
)
 
$
16,167,892

 
$
34,674,393

 
$
(2,814,796
)
 
$
(4,311,229
)
   Net realized gain (loss) on investments
 
23,074,051

 
148,080,449

 
(851,873
)
 
2,674,617

 
68,810,517

 
22,644,301

 
4,221,381

 
39,940,656

 
38,093,872

 
41,991,192

   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
18,797,134

 
(121,506,536
)
 
5,843,432

 
29,080,312

 
(55,392,441
)
 
(43,184,640
)
 
(35,514,257
)
 
(58,727,228
)
 
(86,372,881
)
 
(4,660,487
)
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
38,066,772

 
10,262,346

 
4,344,624

 
29,678,695

 
15,347,321

 
(23,995,456
)
 
(15,124,984
)
 
15,887,821

 
(51,093,805
)
 
33,019,476

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
103,223,345

 
136,114,028

 
15,351,958

 
28,802,720

 
168,409,079

 
74,261,994

 
146,903,245

 
352,513,930

 
84,599,620

 
65,030,739

   Surrenders and terminations
 
(22,130,641
)
 
(53,694,987
)
 
(6,563,045
)
 
(17,653,817
)
 
(116,069,310
)
 
(25,290,772
)
 
(33,734,360
)
 
(117,916,958
)
 
(20,134,136
)
 
(32,138,752
)
   Transfers between Investment Divisions
 
82,133,028

 
(115,817,418
)
 
(7,570,583
)
 
(16,459,160
)
 
38,787,118

 
62,691,084

 
45,999,220

 
209,702,343

 
(3,522,085
)
 
7,157,830

   Contract owner charges (Note 3)
 
(4,535,509
)
 
(12,066,134
)
 
(1,453,369
)
 
(3,707,912
)
 
(16,109,739
)
 
(5,581,381
)
 
(6,460,476
)
 
(18,984,765
)
 
(4,486,539
)
 
(6,467,563
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
158,690,223

 
(45,464,511
)
 
(235,039
)
 
(9,018,169
)
 
75,017,148

 
106,080,925

 
152,707,629

 
425,314,550

 
56,456,860

 
33,582,254

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
196,756,995

 
(35,202,165
)
 
4,109,585

 
20,660,526

 
90,364,469

 
82,085,469

 
137,582,645

 
441,202,371

 
5,363,055

 
66,601,730

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
370,944,184

 
1,131,303,126

 
123,980,626

 
329,053,904

 
1,467,587,680

 
439,451,016

 
600,386,079

 
1,556,741,477

 
419,450,632

 
559,364,629

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
567,701,179

 
$
1,096,100,961

 
$
128,090,211

 
$
349,714,430

 
$
1,557,952,149

 
$
521,536,485

 
$
737,968,724

 
$
1,997,943,848

 
$
424,813,687

 
$
625,966,359

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2013
 
15,205,919

 
29,431,934

 
15,121,864

 
45,974,561

 
124,335,120

 
38,994,754

 
50,411,775

 
113,194,156

 
38,005,162

 
48,750,611

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
8,882,730

 
4,827,648

 
5,547,419

 
9,855,479

 
21,208,159

 
16,650,098

 
23,276,848

 
44,167,009

 
12,763,723

 
9,615,570

      Units Redeemed
 
(2,697,684
)
 
(6,257,735
)
 
(5,687,129
)
 
(11,375,376
)
 
(15,401,094
)
 
(7,509,278
)
 
(10,596,931
)
 
(14,916,901
)
 
(7,766,406
)
 
(6,826,617
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
21,390,965

 
28,001,847

 
14,982,154

 
44,454,664

 
130,142,185

 
48,135,574

 
63,091,692

 
142,444,264

 
43,002,479

 
51,539,564


See notes to the financial statements.
63

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/Franklin Templeton Small Cap Value Fund - A
 
JNL/Goldman Sachs Core Plus Bond Fund - A
 
JNL/Goldman Sachs Emerging Markets Debt Fund - A
 
JNL/Goldman Sachs Mid Cap Value Fund - A
 
JNL/Goldman Sachs U.S. Equity Flex Fund - A
 
JNL/Invesco Global Real Estate Fund - A
 
JNL/Invesco International Growth Fund - A
 
JNL/Invesco Large Cap Growth Fund - A
 
JNL/Invesco Mid Cap Value Fund - A
 
JNL/Invesco Small Cap Growth Fund - A
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
(6,275,068
)
 
$
5,625,731

 
$
542,356

 
$
(4,531,890
)
 
$
(3,186,495
)
 
$
(1,773,044
)
 
$
(1,987,580
)
 
$
(7,602,176
)
 
$
(3,570,870
)
 
$
(7,676,567
)
   Net realized gain (loss) on investments
 
84,955,521

 
(8,526,030
)
 
(2,832,934
)
 
119,100,295

 
39,941,494

 
61,011,712

 
18,191,355

 
133,141,746

 
23,948,697

 
57,102,227

   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
(88,197,332
)
 
26,799,217

 
(11,099,362
)
 
(43,567,138
)
 
(11,448,124
)
 
71,001,564

 
(25,209,169
)
 
(91,806,712
)
 
13,348

 
(17,383,678
)
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
(9,516,879
)
 
23,898,918

 
(13,389,940
)
 
71,001,267

 
25,306,875

 
130,240,232

 
(9,005,394
)
 
33,732,858

 
20,391,175

 
32,041,982

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
106,516,743

 
61,022,983

 
10,252,078

 
93,647,823

 
33,597,157

 
166,072,835

 
101,446,265

 
68,811,806

 
38,566,996

 
121,892,897

   Surrenders and terminations
 
(27,791,070
)
 
(51,504,477
)
 
(14,299,137
)
 
(35,324,994
)
 
(13,250,266
)
 
(54,966,892
)
 
(30,855,983
)
 
(32,254,037
)
 
(19,022,286
)
 
(26,198,563
)
   Transfers between Investment Divisions
 
(36,356,177
)
 
142,975,304

 
(21,812,229
)
 
41,973,005

 
86,638,605

 
128,782,411

 
34,713,624

 
(11,258,752
)
 
14,237,467

 
10,211,536

   Contract owner charges (Note 3)
 
(5,799,295
)
 
(6,689,871
)
 
(2,148,737
)
 
(7,163,392
)
 
(2,321,849
)
 
(11,135,402
)
 
(5,471,685
)
 
(5,548,280
)
 
(2,739,910
)
 
(5,177,134
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
36,570,201

 
145,803,939

 
(28,008,025
)
 
93,132,442

 
104,663,647

 
228,752,952

 
99,832,221

 
19,750,737

 
31,042,267

 
100,728,736

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
27,053,322

 
169,702,857

 
(41,397,965
)
 
164,133,709

 
129,970,522

 
358,993,184

 
90,826,827

 
53,483,595

 
51,433,442

 
132,770,718

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
563,849,197

 
605,070,038

 
238,604,858

 
553,902,704

 
186,128,194

 
925,174,677

 
528,458,158

 
511,566,374

 
259,709,168

 
475,735,679

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
590,902,519

 
$
774,772,895

 
$
197,206,893

 
$
718,036,413

 
$
316,098,716

 
$
1,284,167,861

 
$
619,284,985

 
$
565,049,969

 
$
311,142,610

 
$
608,506,397

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2013
 
30,232,775

 
24,752,782

 
17,676,804

 
30,169,811

 
15,729,551

 
62,885,447

 
25,919,018

 
29,452,208

 
10,303,981

 
19,910,110

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
9,080,000

 
12,525,999

 
1,226,849

 
12,280,997

 
11,857,379

 
22,659,821

 
8,200,581

 
10,322,845

 
3,419,835

 
10,381,138

      Units Redeemed
 
(7,348,895
)
 
(6,798,702
)
 
(3,345,894
)
 
(7,395,472
)
 
(3,857,399
)
 
(8,724,903
)
 
(3,607,156
)
 
(9,418,917
)
 
(2,296,018
)
 
(6,496,013
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
31,963,880

 
30,480,079

 
15,557,759

 
35,055,336

 
23,729,531

 
76,820,365

 
30,512,443

 
30,356,136

 
11,427,798

 
23,795,235

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See notes to the financial statements.
64

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/Ivy Asset Strategy Fund - A
 
JNL/JPMorgan International Value Fund - A
 
JNL/JPMorgan MidCap Growth Fund - A
 
JNL/JPMorgan U.S. Government & Quality Bond Fund - A
 
JNL/Lazard Emerging Markets Fund - A
 
JNL/M&G Global Basics Fund - A (a)
 
JNL/MC 10 x 10 Fund - A
 
JNL/MC 25 Fund - A
 
JNL/MC Bond Index Fund - A
 
JNL/MC Communications Sector Fund - A
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
(11,616,919
)
 
$
1,977,403

 
$
(9,326,129
)
 
$
10,147,192

 
$
974,264

 
$
(303,152
)
 
$
1,266,757

 
$
5,422,740

 
$
11,102,352

 
$
1,463,856

   Net realized gain (loss) on investments
 
240,468,043

 
4,796,909

 
101,688,427

 
(5,127,926
)
 
16,334,261

 
(1,643,788
)
 
29,116,320

 
152,278,957

 
7,286,803

 
6,115,372

   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
(398,855,000
)
 
(62,715,657
)
 
(37,215,702
)
 
15,527,220

 
(52,106,042
)
 
1,639,445

 
(5,594,385
)
 
(152,620,471
)
 
3,668,680

 
(2,770,227
)
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
(170,003,876
)
 
(55,941,345
)
 
55,146,596

 
20,546,486

 
(34,797,517
)
 
(307,495
)
 
24,788,692

 
5,081,226

 
22,057,835

 
4,809,001

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
459,392,928

 
49,846,725

 
145,586,201

 
52,985,347

 
22,242,270

 
1,293,637

 
45,202,574

 
90,509,431

 
82,207,345

 
16,525,535

   Surrenders and terminations
 
(135,683,442
)
 
(30,274,578
)
 
(34,502,922
)
 
(48,031,824
)
 
(35,262,666
)
 
(834,670
)
 
(22,304,997
)
 
(69,111,083
)
 
(44,442,454
)
 
(7,213,294
)
   Transfers between Investment Divisions
 
(125,273,335
)
 
32,249,616

 
60,162,692

 
68,829,208

 
(46,237,315
)
 
(62,689,818
)
 
(2,130,234
)
 
(94,486,100
)
 
71,155,241

 
(17,846,245
)
   Contract owner charges (Note 3)
 
(33,131,694
)
 
(4,319,935
)
 
(5,938,701
)
 
(5,696,112
)
 
(5,361,309
)
 
(217,315
)
 
(3,938,247
)
 
(8,248,809
)
 
(5,013,793
)
 
(1,283,521
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
165,304,457

 
47,501,828

 
165,307,270

 
68,086,619

 
(64,619,020
)
 
(62,448,166
)
 
16,829,096

 
(81,336,561
)
 
103,906,339

 
(9,817,525
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
(4,699,419
)
 
(8,439,517
)
 
220,453,866

 
88,633,105

 
(99,416,537
)
 
(62,755,661
)
 
41,617,788

 
(76,255,335
)
 
125,964,174

 
(5,008,524
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
2,907,754,831

 
439,949,941

 
519,827,016

 
544,462,648

 
592,311,175

 
62,755,661

 
352,150,730

 
943,196,265

 
526,102,665

 
127,353,880

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
2,903,055,412

 
$
431,510,424

 
$
740,280,882

 
$
633,095,753

 
$
492,894,638

 
$
—

 
$
393,768,518

 
$
866,940,930

 
$
652,066,839

 
$
122,345,356

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2013
 
202,080,073

 
28,622,676

 
14,679,279

 
27,676,433

 
44,011,763

 
4,498,170

 
29,211,129

 
40,124,422

 
38,623,619

 
17,197,463

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
41,061,431

 
7,812,620

 
8,586,462

 
16,811,943

 
2,449,069

 
255,974

 
5,244,108

 
5,253,085

 
16,236,216

 
3,628,652

      Units Redeemed
 
(30,253,069
)
 
(4,661,976
)
 
(4,461,726
)
 
(13,537,562
)
 
(7,373,588
)
 
(4,754,144
)
 
(3,874,918
)
 
(8,872,235
)
 
(9,078,244
)
 
(5,034,282
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
212,888,435

 
31,773,320

 
18,804,015

 
30,950,814

 
39,087,244

 
—

 
30,580,319

 
36,505,272

 
45,781,591

 
15,791,833

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) The period is from January 1, 2014 through the date the JNL/M&G Global Basics Fund was acquired by JNL/Oppenheimer Global Growth Fund on April 28, 2014.
 
 
 
 
 
 
 
 

See notes to the financial statements.
65

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/MC Consumer Brands Sector Fund - A
 
JNL/MC Dow 10 Fund - A
 
JNL/MC Dow Jones U.S. Contrarian Opportunities Index Fund - A
 
JNL/MC Emerging Markets Index Fund - A
 
JNL/MC European 30 Fund - A
 
JNL/MC Financial Sector Fund - A
 
JNL/MC Global 15 Fund - A
 
JNL/MC Global Alpha Fund - A
 
JNL/MC Healthcare Sector Fund - A
 
JNL/MC Index 5 Fund - A
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
(4,418,864
)
 
$
(8,702,612
)
 
$
(843,724
)
 
$
(1,400,994
)
 
$
(658,090
)
 
$
(2,906,724
)
 
$
(5,811,529
)
 
$
3,759,874

 
$
(12,555,025
)
 
$
(514,851
)
   Net realized gain (loss) on investments
 
56,268,491

 
59,121,480

 
20,356,604

 
(22,771
)
 
2,608,171

 
42,252,819

 
29,356,816

 
(1,039,971
)
 
96,777,370

 
52,828,117

   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
(11,551,414
)
 
(6,893,424
)
 
(15,548,488
)
 
(27,664,826
)
 
(24,173,624
)
 
12,588,291

 
8,880,731

 
(4,025,304
)
 
202,479,356

 
(27,886,820
)
Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
40,298,213

 
43,525,444

 
3,964,392

 
(29,088,591
)
 
(22,223,543
)
 
51,934,386

 
32,426,018

 
(1,305,401
)
 
286,701,701

 
24,426,446

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
76,475,670

 
44,368,683

 
22,550,060

 
101,271,125

 
84,724,960

 
80,838,674

 
14,482,277

 
4,582,695

 
313,394,052

 
69,313,259

   Surrenders and terminations
 
(25,987,839
)
 
(53,141,001
)
 
(4,380,207
)
 
(17,158,941
)
 
(11,287,858
)
 
(26,955,979
)
 
(45,816,412
)
 
(2,444,528
)
 
(71,924,241
)
 
(35,258,354
)
   Transfers between Investment Divisions
 
(62,918,275
)
 
(33,677,870
)
 
15,260,532

 
41,826,751

 
62,495,311

 
16,918,652

 
(28,330,480
)
 
(5,313,038
)
 
403,124,497

 
(18,433,580
)
   Contract owner charges (Note 3)
 
(4,692,129
)
 
(4,720,723
)
 
(929,989
)
 
(4,742,394
)
 
(2,303,523
)
 
(4,872,199
)
 
(2,273,123
)
 
(324,243
)
 
(13,922,355
)
 
(7,454,330
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
(17,122,573
)
 
(47,170,911
)
 
32,500,396

 
121,196,541

 
133,628,890

 
65,929,148

 
(61,937,738
)
 
(3,499,114
)
 
630,671,953

 
8,166,995

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
23,175,640

 
(3,645,467
)
 
36,464,788

 
92,107,950

 
111,405,347

 
117,863,534

 
(29,511,720
)
 
(4,804,515
)
 
917,373,654

 
32,593,441

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
494,514,423

 
584,281,808

 
61,671,970

 
384,617,165

 
133,956,863

 
438,276,905

 
412,419,672

 
45,948,819

 
985,261,740

 
648,974,887

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
517,690,063

 
$
580,636,341

 
$
98,136,758

 
$
476,725,115

 
$
245,362,210

 
$
556,140,439

 
$
382,907,952

 
$
41,144,304

 
$
1,902,635,394

 
$
681,568,328

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2013
 
24,591,441

 
42,547,415

 
4,450,497

 
38,939,727

 
8,872,035

 
41,208,882

 
23,806,473

 
4,670,685

 
47,835,348

 
51,032,986

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
6,572,518

 
7,160,227

 
4,501,405

 
24,778,164

 
14,162,325

 
16,335,055

 
2,458,468

 
747,830

 
36,827,322

 
7,678,994

      Units Redeemed
 
(7,721,047
)
 
(10,730,442
)
 
(2,217,103
)
 
(12,915,169
)
 
(6,021,200
)
 
(10,953,564
)
 
(6,132,658
)
 
(1,128,085
)
 
(10,088,459
)
 
(7,118,300
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
23,442,912

 
38,977,200

 
6,734,799

 
50,802,722

 
17,013,160

 
46,590,373

 
20,132,283

 
4,290,430

 
74,574,211

 
51,593,680

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See notes to the financial statements.
66

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/MC International Index Fund - A
 
JNL/MC JNL 5 Fund - A
 
JNL/MC JNL Optimized 5 Fund - A
 
JNL/MC Nasdaq 25 Fund - A
 
JNL/MC NYSE International 25 Fund - A (a)
 
JNL/MC Oil & Gas Sector Fund - A
 
JNL/MC Pacific Rim 30 Fund - A
 
JNL/MC S&P 24 Fund - A
 
JNL/MC S&P 400 MidCap Index Fund - A
 
JNL/MC S&P 500 Index Fund - A
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
16,048,255

 
$
15,622,799

 
$
1,853,007

 
$
(6,602,259
)
 
$
527,253

 
$
(3,733,428
)
 
$
1,156,543

 
$
(2,842,486
)
 
$
(6,264,488
)
 
$
(3,728,185
)
   Net realized gain (loss) on investments
 
18,217,087

 
148,920,653

 
22,606,219

 
77,982,484

 
9,566,467

 
69,133,321

 
4,997,819

 
52,149,263

 
136,366,505

 
131,089,243

   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
(103,241,736
)
 
106,934,442

 
(3,822,502
)
 
10,694,500

 
(3,692,818
)
 
(221,994,461
)
 
(5,720,619
)
 
(38,562,400
)
 
(43,332,606
)
 
174,935,490

Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
(68,976,394
)
 
271,477,894

 
20,636,724

 
82,074,725

 
6,400,902

 
(156,594,568
)
 
433,743

 
10,744,377

 
86,769,411

 
302,296,548

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
142,723,582

 
102,590,828

 
32,086,165

 
109,813,477

 
8,032,072

 
192,183,210

 
22,552,357

 
23,037,756

 
217,240,533

 
519,209,019

   Surrenders and terminations
 
(51,861,702
)
 
(357,866,106
)
 
(35,439,313
)
 
(30,133,329
)
 
(4,179,011
)
 
(71,139,335
)
 
(4,531,384
)
 
(37,311,872
)
 
(73,378,829
)
 
(177,314,999
)
   Transfers between Investment Divisions
 
110,898,932

 
(130,297,277
)
 
(4,302,701
)
 
208,399,866

 
(83,844,859
)
 
85,614,978

 
6,185,742

 
(45,083,834
)
 
(30,744,737
)
 
249,612,546

   Contract owner charges (Note 3)
 
(6,935,023
)
 
(20,489,861
)
 
(3,431,740
)
 
(5,060,137
)
 
(473,793
)
 
(12,462,486
)
 
(1,045,355
)
 
(2,518,025
)
 
(10,618,281
)
 
(24,543,273
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
194,825,789

 
(406,062,416
)
 
(11,087,589
)
 
283,019,877

 
(80,465,591
)
 
194,196,367

 
23,161,360

 
(61,875,975
)
 
102,498,686

 
566,963,293

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
125,849,395

 
(134,584,522
)
 
9,549,135

 
365,094,602

 
(74,064,689
)
 
37,601,799

 
23,595,103

 
(51,131,598
)
 
189,268,097

 
869,259,841

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
730,995,366

 
3,120,294,271

 
397,388,251

 
385,253,200

 
74,064,689

 
1,103,184,553

 
91,438,626

 
391,819,757

 
1,090,083,547

 
2,360,164,741

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
856,844,761

 
$
2,985,709,749

 
$
406,937,386

 
$
750,347,802

 
$
—

 
$
1,140,786,352

 
$
115,033,729

 
$
340,688,159

 
$
1,279,351,644

 
$
3,229,424,582

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2013
 
39,548,616

 
193,763,556

 
31,601,903

 
20,891,670

 
8,915,361

 
27,240,699

 
5,928,518

 
25,979,353

 
44,573,045

 
146,683,453

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
16,692,995

 
8,203,332

 
4,702,971

 
20,953,564

 
2,611,434

 
10,089,903

 
3,201,438

 
2,811,397

 
14,430,319

 
55,020,014

      Units Redeemed
 
(6,440,852
)
 
(33,586,266
)
 
(5,699,560
)
 
(7,100,609
)
 
(11,526,795
)
 
(5,627,132
)
 
(1,816,112
)
 
(7,048,311
)
 
(10,719,808
)
 
(22,028,464
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
49,800,759

 
168,380,622

 
30,605,314

 
34,744,625

 
—

 
31,703,470

 
7,313,844

 
21,742,439

 
48,283,556

 
179,675,003

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) The period is from January 1, 2014 through the date the JNL/MC NYSE International 25 Fund was acquired by JNL/MC International Index Fund on September 15, 2014.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See notes to the financial statements.
67

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/MC S&P SMid 60 Fund - A
 
JNL/MC Small Cap Index Fund - A
 
JNL/MC Technology Sector Fund - A
 
JNL/MC Utilities Sector Fund - A
 
JNL/MC Value Line 30 Fund - A
 
JNL/MMRS Conservative Fund - A (a)
 
JNL/MMRS Growth Fund - A (a)
 
JNL/MMRS Moderate Fund - A(a)
 
JNL/Morgan Stanley Mid Cap Growth Fund - A
 
JNL/Neuberger Berman Strategic Income Fund - A
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
(3,161,948
)
 
$
(5,451,542
)
 
$
(5,472,690
)
 
$
(207,559
)
 
$
(5,870,830
)
 
$
(70,683
)
 
$
(40,585
)
 
$
(119,135
)
 
$
(1,200,379
)
 
$
(1,012,501
)
   Net realized gain (loss) on investments
 
60,302,439

 
55,823,382

 
50,148,585

 
290,936

 
29,828,458

 
525

 
13,589

 
44,838

 
1,265,282

 
3,109,994

   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
(51,346,227
)
 
(16,627,934
)
 
73,132,283

 
4,092,575

 
(3,293,964
)
 
308,857

 
114,602

 
407,884

 
(6,589,221
)
 
3,211,670

Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
5,794,264

 
33,743,906

 
117,808,178

 
4,175,952

 
20,663,664

 
238,699

 
87,606

 
333,587

 
(6,524,318
)
 
5,309,163

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
77,324,758

 
159,458,195

 
123,656,088

 
19,744,996

 
39,364,740

 
17,435,311

 
12,739,852

 
34,438,369

 
30,173,525

 
70,095,270

   Surrenders and terminations
 
(20,827,974
)
 
(89,560,777
)
 
(36,423,519
)
 
(1,086,615
)
 
(51,584,472
)
 
(358,572
)
 
(101,590
)
 
(571,990
)
 
(3,729,784
)
 
(12,933,812
)
   Transfers between Investment Divisions
 
6,319,601

 
(82,813,681
)
 
142,903,052

 
17,671,773

 
18,824,597

 
7,629,756

 
4,840,583

 
9,830,647

 
6,637,838

 
140,223,201

   Contract owner charges (Note 3)
 
(3,318,815
)
 
(9,268,158
)
 
(7,187,077
)
 
(6,600
)
 
(3,455,159
)
 
(1,009
)
 
(5,026
)
 
(1,939
)
 
(1,004,125
)
 
(2,500,279
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
59,497,570

 
(22,184,421
)
 
222,948,544

 
36,323,554

 
3,149,706

 
24,705,486

 
17,473,819

 
43,695,087

 
32,077,454

 
194,884,380

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
65,291,834

 
11,559,485

 
340,756,722

 
40,499,506

 
23,813,370

 
24,944,185

 
17,561,425

 
44,028,674

 
25,553,136

 
200,193,543

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
327,592,642

 
1,167,461,898

 
561,854,485

 
2,976,315

 
408,286,614

 
—

 
—

 
—

 
59,316,396

 
133,549,066

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
392,884,476

 
1,179,021,383

 
$
902,611,207

 
$
43,475,821

 
$
432,099,984

 
$
24,944,185

 
$
17,561,425

 
$
44,028,674

 
$
84,869,532

 
$
333,742,609

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2013
 
20,715,143

 
52,683,092

 
60,591,683

 
312,255

 
30,035,128

 
—

 
—

 
—

 
4,608,495

 
13,007,094

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
10,046,215

 
12,403,593

 
33,231,669

 
3,861,827

 
11,126,521

 
2,716,554

 
1,769,586

 
4,480,152

 
7,454,787

 
22,811,476

      Units Redeemed
 
(6,480,079
)
 
(13,756,156
)
 
(12,365,527
)
 
(520,462
)
 
(11,337,163
)
 
(321,396
)
 
(75,708
)
 
(240,617
)
 
(5,352,481
)
 
(4,354,331
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
24,281,279

 
51,330,529

 
81,457,825

 
3,653,620

 
29,824,486

 
2,395,158

 
1,693,878

 
4,239,535

 
6,710,801

 
31,464,239

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations April 28, 2014.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See notes to the financial statements.
68

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/Oppenheimer Global Growth Fund - A
 
JNL/PIMCO Real Return Fund - A
 
JNL/PIMCO Total Return Bond Fund - A
 
JNL/PPM America Floating Rate Income Fund - A
 
JNL/PPM America High Yield Bond Fund - A
 
JNL/PPM America Mid Cap Value Fund - A
 
JNL/PPM America Small Cap Value Fund - A
 
JNL/PPM America Value Equity Fund - A
 
JNL/Red Rocks Listed Private Equity Fund - A
 
JNL/S&P 4 Fund - A
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
(6,100,975
)
 
$
(11,060,626
)
 
$
59,956,686

 
$
10,928,010

 
$
69,270,847

 
$
(2,735,843
)
 
$
(2,208,353
)
 
$
6,428,417

 
$
28,011,320

 
$
33,088,972

   Net realized gain (loss) on investments
 
42,913,956

 
(68,828,438
)
 
15,860,958

 
7,755,004

 
44,718,232

 
42,459,653

 
41,655,175

 
17,469,331

 
37,914,156

 
229,879,109

   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
(33,486,979
)
 
103,782,551

 
5,169,863

 
(35,233,250
)
 
(138,989,078
)
 
(15,487,375
)
 
(32,438,273
)
 
(6,650,453
)
 
(70,955,953
)
 
212,493,193

Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
3,326,002

 
23,893,487

 
80,987,507

 
(16,550,236
)
 
(24,999,999
)
 
24,236,435

 
7,008,549

 
17,247,295

 
(5,030,477
)
 
475,461,274

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
85,580,905

 
115,285,949

 
293,835,919

 
363,619,327

 
281,686,367

 
56,712,218

 
25,491,325

 
16,192,800

 
75,017,557

 
1,080,063,773

   Surrenders and terminations
 
(35,269,108
)
 
(93,851,922
)
 
(248,070,937
)
 
(83,075,932
)
 
(136,406,002
)
 
(14,747,968
)
 
(8,566,570
)
 
(15,025,926
)
 
(25,799,376
)
 
(163,926,283
)
   Transfers between Investment Divisions
 
44,966,796

 
(71,538,733
)
 
(316,888,602
)
 
(139,023,911
)
 
(70,189,130
)
 
(15,932,261
)
 
(12,835,953
)
 
14,705,164

 
(37,612,810
)
 
390,536,835

   Contract owner charges (Note 3)
 
(6,879,361
)
 
(14,782,142
)
 
(34,248,905
)
 
(12,019,196
)
 
(15,823,578
)
 
(2,761,644
)
 
(1,955,566
)
 
(1,457,719
)
 
(3,863,236
)
 
(36,580,472
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
88,399,232

 
(64,886,848
)
 
(305,372,525
)
 
129,500,288

 
59,267,657

 
23,270,345

 
2,133,236

 
14,414,319

 
7,742,135

 
1,270,093,853

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
91,725,234

 
(40,993,361
)
 
(224,385,018
)
 
112,950,052

 
34,267,658

 
47,506,780

 
9,141,785

 
31,661,614

 
2,711,658

 
1,745,555,127

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
601,435,331

 
1,358,821,812

 
3,417,014,121

 
1,077,933,247

 
1,571,549,095

 
255,732,742

 
189,982,144

 
170,361,803

 
494,897,249

 
2,922,385,500

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
693,160,565

 
$
1,317,828,451

 
$
3,192,629,103

 
$
1,190,883,299

 
$
1,605,816,753

 
$
303,239,522

 
$
199,123,929

 
$
202,023,417

 
$
497,608,907

 
$
4,667,940,627

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2013
 
32,481,536

 
101,677,918

 
178,424,220

 
99,527,607

 
81,105,647

 
16,839,543

 
12,721,861

 
6,708,461

 
33,391,633

 
165,123,083

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
10,835,595

 
19,896,249

 
21,435,028

 
43,030,352

 
41,566,632

 
10,060,967

 
7,332,830

 
2,547,442

 
5,469,971

 
91,922,437

      Units Redeemed
 
(6,100,169
)
 
(24,816,018
)
 
(37,779,323
)
 
(31,433,507
)
 
(39,354,101
)
 
(8,639,041
)
 
(7,301,946
)
 
(2,171,934
)
 
(5,157,770
)
 
(24,020,188
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
37,216,962

 
96,758,149

 
162,079,925

 
111,124,452

 
83,318,178

 
18,261,469

 
12,752,745

 
7,083,969

 
33,703,834

 
233,025,332

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See notes to the financial statements.
69

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/S&P Competitive Advantage Fund - A
 
JNL/S&P Dividend Income & Growth Fund - A
 
JNL/S&P International 5 Fund - A (b)
 
JNL/S&P Intrinsic Value Fund - A
 
JNL/S&P Managed Aggressive Growth Fund - A
 
JNL/S&P Managed Conservative Fund - A
 
JNL/S&P Managed Growth Fund - A
 
JNL/S&P Managed Moderate Fund - A
 
JNL/S&P Managed Moderate Growth Fund - A
 
JNL/S&P Mid 3 Fund - A (a)
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
(8,085,432
)
 
$
(2,824,090
)
 
$
(3,544
)
 
$
(4,743,206
)
 
$
(15,245,223
)
 
$
(19,197,493
)
 
$
(41,650,015
)
 
$
(40,531,974
)
 
$
(72,551,616
)
 
$
(276,517
)
   Net realized gain (loss) on investments
 
94,757,981

 
165,465,653

 
633

 
133,685,336

 
106,193,600

 
43,594,202

 
232,704,123

 
114,315,332

 
245,576,213

 
220,460

   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
(28,273,880
)
 
65,354,713

 
(14,130
)
 
(11,640,327
)
 
(14,230,212
)
 
203,885

 
(14,488,176
)
 
1,698,051

 
(2,654,783
)
 
3,839,035

Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
58,398,669

 
227,996,276

 
(17,041
)
 
117,301,803

 
76,718,165

 
24,600,594

 
176,565,932

 
75,481,409

 
170,369,814

 
3,782,978

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
104,130,682

 
227,643,632

 
1,403,149

 
155,266,640

 
213,635,316

 
126,330,271

 
517,867,290

 
305,697,967

 
565,348,085

 
25,097,016

   Surrenders and terminations
 
(34,409,817
)
 
(115,197,484
)
 
(6,093
)
 
(39,142,515
)
 
(77,991,063
)
 
(129,009,190
)
 
(239,525,971
)
 
(217,365,330
)
 
(335,468,857
)
 
(558,912
)
   Transfers between Investment Divisions
 
30,952,758

 
141,632,151

 
1,089,155

 
210,789,563

 
(28,123,100
)
 
(63,709,379
)
 
17,325,637

 
(50,836,827
)
 
(66,427,296
)
 
51,905,129

   Contract owner charges (Note 3)
 
(6,919,033
)
 
(21,652,953
)
 
(42
)
 
(8,027,451
)
 
(16,024,285
)
 
(17,220,542
)
 
(47,937,374
)
 
(35,647,725
)
 
(65,594,850
)
 
(155,691
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
93,754,590

 
232,425,346

 
2,486,169

 
318,886,237

 
91,496,868

 
(83,608,840
)
 
247,729,582

 
1,848,085

 
97,857,082

 
76,287,542

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
152,153,259

 
460,421,622

 
2,469,128

 
436,188,040

 
168,215,033

 
(59,008,246
)
 
424,295,514

 
77,329,494

 
268,226,896

 
80,070,520

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
616,475,903

 
1,781,587,960

 
—

 
605,776,611

 
1,425,615,525

 
1,567,877,861

 
4,178,451,198

 
3,071,065,221

 
5,616,026,222

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
768,629,162

 
$
2,242,009,582

 
$
2,469,128

 
$
1,041,964,651

 
$
1,593,830,558

 
$
1,508,869,615

 
$
4,602,746,712

 
$
3,148,394,715

 
$
5,884,253,118

 
$
80,070,520

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2013
 
32,284,016

 
111,465,419

 
—

 
31,927,884

 
72,851,677

 
117,676,849

 
211,959,654

 
208,670,035

 
299,937,000

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
11,781,809

 
27,625,584

 
263,606

 
24,532,096

 
13,981,086

 
14,269,842

 
33,013,462

 
26,931,014

 
37,009,934

 
7,739,617

      Units Redeemed
 
(7,010,413
)
 
(14,088,007
)
 
(1,816
)
 
(9,347,373
)
 
(9,431,635
)
 
(20,614,829
)
 
(21,209,108
)
 
(27,161,487
)
 
(32,514,168
)
 
(655,479
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
37,055,412

 
125,002,996

 
261,790

 
47,112,607

 
77,401,128

 
111,331,862

 
223,764,008

 
208,439,562

 
304,432,766

 
7,084,138

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations April 28, 2014.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(b) Commencement of operations September 15, 2014.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See notes to the financial statements.
70

Jackson National Separate Account I
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/S&P Total Yield Fund - A
 
JNL/Scout Unconstrained Bond Fund - A (a)
 
JNL/T. Rowe Price Established Growth Fund - A
 
JNL/T. Rowe Price Mid-Cap Growth Fund - A
 
JNL/T. Rowe Price Short-Term Bond Fund - A
 
JNL/T. Rowe Price Value Fund - A
 
JNL/WMC Balanced Fund - A
 
JNL/WMC Money Market Fund - A
 
JNL/WMC Value Fund - A
Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net investment income (loss)
 
$
(2,351,930
)
 
$
(53,223
)
 
$
(31,089,039
)
 
$
(31,093,595
)
 
$
(2,235,750
)
 
$
(7,494,617
)
 
$
(4,610,555
)
 
$
(19,648,257
)
 
$
(59,092
)
   Net realized gain (loss) on investments
 
94,804,059

 
(32,941
)
 
324,272,518

 
298,671,126

 
(868,425
)
 
125,732,646

 
211,040,992

 
14,251

 
59,958,437

   Net change in unrealized appreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    (depreciation) on investments
 
(36,096,055
)
 
(280,278
)
 
(145,447,510
)
 
(15,927,643
)
 
(5,601,919
)
 
8,652,174

 
80,712,598

 
—

 
261,941

Net increase (decrease) in net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   from operations
 
56,356,074

 
(366,442
)
 
147,735,969

 
251,649,888

 
(8,706,094
)
 
126,890,203

 
287,143,035

 
(19,634,006
)
 
60,161,286

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contract transactions 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Purchase payments (Note 4)
 
93,433,086

 
11,875,480

 
312,276,368

 
305,140,503

 
186,455,685

 
194,726,344

 
528,328,410

 
791,615,124

 
56,067,558

   Surrenders and terminations
 
(28,953,862
)
 
(213,162
)
 
(121,999,676
)
 
(121,442,233
)
 
(64,135,865
)
 
(69,299,080
)
 
(199,035,545
)
 
(297,677,059
)
 
(40,145,329
)
   Transfers between Investment Divisions
 
103,647,343

 
4,640,916

 
(22,130,444
)
 
6,798,745

 
14,956,974

 
115,415,047

 
251,030,424

 
(510,683,030
)
 
(40,252,456
)
   Contract owner charges (Note 3)
 
(4,696,928
)
 
(2,185
)
 
(20,163,643
)
 
(24,325,766
)
 
(7,746,393
)
 
(10,482,660
)
 
(37,140,070
)
 
(15,127,974
)
 
(6,088,423
)
Net increase (decrease) in net assets from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   contract transactions
 
163,429,639

 
16,301,049

 
147,982,605

 
166,171,249

 
129,530,401

 
230,359,651

 
543,183,219

 
(31,872,939
)
 
(30,418,650
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in net assets
 
219,785,713

 
15,934,607

 
295,718,574

 
417,821,137

 
120,824,307

 
357,249,854

 
830,326,254

 
(51,506,945
)
 
29,742,636

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets beginning of period
 
362,318,320

 
—

 
2,019,756,972

 
2,161,052,341

 
697,296,336

 
969,476,516

 
3,194,549,403

 
1,268,082,975

 
638,676,161

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets end of period
 
$
582,104,033

 
$
15,934,607

 
$
2,315,475,546

 
$
2,578,873,478

 
$
818,120,643

 
$
1,326,726,370

 
$
4,024,875,657

 
$
1,216,576,030

 
$
668,418,797

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Contract unit transactions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2013
 
22,352,627

 
—

 
44,000,274

 
30,964,258

 
66,830,209

 
43,152,641

 
86,719,327

 
104,583,006

 
22,497,175

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Units Issued
 
16,385,566

 
1,886,380

 
10,366,779

 
6,231,118

 
32,186,079

 
17,796,362

 
21,616,937

 
117,877,386

 
2,903,311

      Units Redeemed
 
(7,399,315
)
 
(218,134
)
 
(7,622,534
)
 
(4,131,185
)
 
(20,036,016
)
 
(8,260,933
)
 
(7,999,382
)
 
(121,454,167
)
 
(3,995,780
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units Outstanding at December 31, 2014
 
31,338,878

 
1,668,246

 
46,744,519

 
33,064,191

 
78,980,272

 
52,688,070

 
100,336,882

 
101,006,225

 
21,404,706

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations April 28, 2014.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


See notes to the financial statements.
71
Jackson National Separate Account I
Notes to Financial Statements
December 31, 2015



Note 1 – Organization

Jackson National Life Insurance Company (“Jackson”) established Jackson National Separate Account I (the “Separate Account”) on June 14, 1993. The Separate Account commenced operations on October 16, 1995, and is a unit investment trust registered with the Securities Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended.

The Separate Account is a separate investment account of Jackson, its assets legally belong to Jackson and the obligations under the contracts are the obligation of Jackson. However, the contract assets in the Separate Account are not chargeable with liabilities arising out of any other business Jackson may conduct.

The Separate Account receives and invests, based on the directions of the contract owners, net premiums for individual flexible premium variable annuity contracts issued by Jackson. The contracts can be purchased on a non-tax qualified basis or in connection with certain plans qualifying for favorable federal income tax treatment. The Separate Account contained one-hundred seventy-two (172) Investment Divisions during 2015, but currently contains one-hundred forty-six (146) Investment Divisions as of December 31, 2015. These Investment Divisions each invested in shares of the following mutual funds (collectively, the “Funds”) during the year ended December 31, 2015:

Jackson Variable Series Trust
CG - Alt 100 Conservative Fund(1)(4)(9)
CG - Alt 100 Growth Fund(1)(4)(9)
CG - Institutional Alt 65 Fund(1)(4)(9)
CG - International Conservative Fund(1)(4)(9)
CG - International Growth Fund(1)(4)(9)
CG - International Moderate Fund(1)(4)(9)
CG - Multi-Strategy Income Fund(1)(4)(9)
CG - Tactical Maximum Growth Fund(1)(4)(9)
CG - Tactical Moderate Growth Fund(1)(4)(9)
Curian Dynamic Risk Advantage - Diversified Fund(1)(9)
Curian Dynamic Risk Advantage - Growth Fund(1)(9)
Curian Dynamic Risk Advantage - Income Fund(1)(9)
Curian/Aberdeen Latin America Fund(1)(9)
Curian/Ashmore Emerging Market Small Cap Equity Fund(1)(9)
Curian/Baring International Fixed Income Fund(1)(9)
Curian/CenterSquare International Real Estate Securities Fund(1)(9)
Curian/PineBridge Merger Arbitrage Fund(1)(9)
Curian/Schroder Emerging Europe Fund(1)(9)
Curian/UBS Global Long Short Fixed Income Opportunities Fund(1)(9)




JG - Alt 100 Fund(2)(5)(8)
JG - Conservative Fund(2)(5)(8)
JG - Equity 100 Fund(2)(5)(8)
JG - Equity Income Fund(2)(5)(8)(9)
JG - Fixed Income 100 Fund(2(5)(8)
JG - Growth Fund(2)(5)(8)
JG - Interest Rate Opportunities Fund(2)(5)(8)
JG - Maximum Growth Fund(2)(5)(8)
JG - Moderate Fund(2)(5)(8)
JG - Moderate Growth Fund(2)(5)(8)
JG - Real Assets Fund(2)(5)(8)
JNL Tactical ETF Conservative Fund(8)
JNL Tactical ETF Growth Fund(8)
JNL Tactical ETF Moderate Fund(8)
JNL/American Funds Global Growth Fund(8)
JNL/American Funds Growth Fund(8)
JNL/AQR Risk Parity Fund(8)
JNL/BlackRock Global Long Short Credit Fund(8)
JNL/DFA U.S. Micro Cap Fund(8)
JNL/DoubleLine Total Return Fund(8)
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund(8)
JNL/Epoch Global Shareholder Yield Fund(8)
JNL/FAMCO Flex Core Covered Call Fund(8)
JNL/Franklin Templeton Natural Resources Fund(8)(9)
JNL/Lazard International Strategic Equity Fund(8)
JNL/MC Frontier Markets 100 Index Fund(6)(8)
JNL/Neuberger Berman Currency Fund(8)
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund(8)
JNL/Nicholas Convertible Arbitrage Fund(8)
JNL/PIMCO Credit Income Fund(8)
JNL/PPM America Long Short Credit Fund(3)(8)
JNL/T. Rowe Price Capital Appreciation Fund(8)
JNL/The Boston Company Equity Income Fund(8)
JNL/The London Company Focused U.S. Equity Fund(8)
JNL/Van Eck International Gold Fund(8)
JNL/WCM Focused International Equity Fund(8)


72
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 1 – Organization (continued)

JNL® Series Trust
JNL Alt 65 Fund - A(2)(7)(10)
JNL Disciplined Growth Fund - A(2)(10)
JNL Disciplined Moderate Fund - A(2)(10)
JNL Disciplined Moderate Growth Fund - A(2)(10)
JNL Institutional Alt 20 Fund - A(2)(10)
JNL Institutional Alt 35 Fund - A(2)(10)
JNL Institutional Alt 50 Fund - A(2)(10)
JNL Multi-Manager Alternative Fund - A(10)
JNL Multi-Manager Small Cap Growth Fund - A(8)(10)
JNL Multi-Manager Small Cap Value Fund - A(8)(10)
JNL/AB Dynamic Asset Allocation Fund - A(10)
JNL/American Funds® Balanced Allocation Fund - A(2)(10)
JNL/American Funds Blue Chip Income and Growth Fund - A(10)
JNL/American Funds Global Bond Fund - A(10)
JNL/American Funds Global Small Capitalization Fund - A(10)
JNL/American Funds Growth-Income Fund - A(10)
JNL/American Funds Growth Allocation Fund - A(2)(10)
JNL/American Funds International Fund - A(10)
JNL/American Funds New World Fund - A(10)
JNL/AQR Managed Futures Strategy Fund - A(10)
JNL/BlackRock Global Allocation Fund - A(10)
JNL/BlackRock Large Cap Select Growth Fund - A(10)
JNL/BlackRock Natural Resources Fund - A(7) (10)
JNL/Boston Partners Global Long Short Equity Fund - A(10)
JNL/Brookfield Global Infrastructure and MLP Fund - A(10)
JNL/Capital Guardian Global Balanced Fund - A(10)
JNL/Capital Guardian Global Diversified Research Fund - A(10)
JNL/Causeway International Value Select Fund - A(8) (10)
JNL/DFA U.S. Core Equity Fund - A(10)
JNL/DoubleLine Shiller Enhanced CAPE Fund - A(10)
JNL/Eastspring Investments Asia ex-Japan Fund - A(3)(10)
JNL/Eastspring Investments China-India Fund - A(3)(10)
JNL/Franklin Templeton Founding Strategy Fund - A(2)(10)
JNL/Franklin Templeton Global Growth Fund - A(10)
JNL/Franklin Templeton Global Multisector Bond Fund - A(10)
JNL/Franklin Templeton Income Fund - A(10)
JNL/Franklin Templeton International Small Cap Growth Fund - A(10) 
JNL/Franklin Templeton Mutual Shares Fund - A(10)
JNL/Goldman Sachs Core Plus Bond Fund - A(10)
JNL/Goldman Sachs Emerging Markets Debt Fund - A(10)
JNL/Goldman Sachs Mid Cap Value Fund - A(10)
JNL/Goldman Sachs U.S. Equity Flex Fund - A(10)
JNL/Harris Oakmark Global Equity Fund - A(10)
JNL/Invesco Global Real Estate Fund - A(10)
JNL/Invesco International Growth Fund - A(10)
JNL/Invesco Large Cap Growth Fund - A(10)
JNL/Invesco Mid Cap Value Fund - A(10)
JNL/Invesco Small Cap Growth Fund - A(10)
JNL/Ivy Asset Strategy Fund - A(10)
JNL/JPMorgan MidCap Growth Fund - A(10)
JNL/JPMorgan U.S. Government & Quality Bond Fund - A(10)
JNL/Lazard Emerging Markets Fund - A(10)
JNL/MC 10 x 10 Fund - A(2)(6)(10)
JNL/MC Bond Index Fund - A(6)(10)
JNL/MC Dow Jones U.S. Contrarian Opportunities Index Fund - A(6)(9)(10)
JNL/MC Emerging Markets Index Fund - A(6)(10)
JNL/MC European 30 Fund - A(6)(10)
JNL/MC Global Alpha Fund - A(6)(9)(10)
JNL/MC Index 5 Fund - A(2)(6)(10)
JNL/MC International Index Fund - A(6)(10)
JNL/MC Pacific Rim 30 Fund - A(6)(10)
JNL/MC S&P 400 MidCap Index Fund - A(6)(10)
JNL/MC S&P 500 Index Fund - A(6)(10)
JNL/MC Small Cap Index Fund - A(6)(10)
JNL/MC Utilities Sector Fund - A(6)(10)
JNL/MMRS Conservative Fund - A(10)
JNL/MMRS Growth Fund - A(10)
JNL/MMRS Moderate Fund - A(10)
JNL/Morgan Stanley Mid Cap Growth Fund - A(10)
JNL/Neuberger Berman Strategic Income Fund - A(10)
JNL/Oppenheimer Emerging Markets Innovator Fund - A(10)
JNL/Oppenheimer Global Growth Fund - A(10)
JNL/PIMCO Real Return Fund - A(10)
JNL/PIMCO Total Return Bond Fund - A(10)
JNL/PPM America Floating Rate Income Fund - A(3)(10)
JNL/PPM America High Yield Bond Fund - A(3)(10)
JNL/PPM America Mid Cap Value Fund - A(3)(10)
JNL/PPM America Small Cap Value Fund - A(3)(10)
JNL/PPM America Value Equity Fund - A(3)(10)
JNL/Red Rocks Listed Private Equity Fund - A(10)
JNL/S&P 4 Fund - A(2)(10)
JNL/S&P Competitive Advantage Fund - A(10)
JNL/S&P Dividend Income & Growth Fund - A(10)
JNL/S&P International 5 Fund - A(10)
JNL/S&P Intrinsic Value Fund - A(10)
JNL/S&P Managed Aggressive Growth Fund - A(10)
JNL/S&P Managed Conservative Fund - A(10)
JNL/S&P Managed Growth Fund - A(10)
JNL/S&P Managed Moderate Fund - A(10)
JNL/S&P Managed Moderate Growth Fund - A(10)
JNL/S&P Mid 3 Fund - A(10)
JNL/S&P Total Yield Fund - A(10)
JNL/Scout Unconstrained Bond Fund - A(10)
JNL/T. Rowe Price Established Growth Fund - A(10)
JNL/T. Rowe Price Mid-Cap Growth Fund - A(10)
JNL/T. Rowe Price Short-Term Bond Fund - A(10)
JNL/T. Rowe Price Value Fund - A(10)
JNL/Westchester Capital Event Driven Fund - A(10)
JNL/WMC Balanced Fund - A(10)
JNL/WMC Money Market Fund - A(10)
JNL/WMC Value Fund - A(10)


73
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 1 – Organization (continued)
JNL Variable Fund LLC
JNL/MC 25 Fund - A(6)(9)(10)
JNL/MC Communications Sector Fund - A(6)(10)(11)
JNL/MC Consumer Brands Sector Fund - A(6)(10)
JNL/MC Dow IndexSM Fund - A(6)(7)(10)
JNL/MC Financial Sector Fund - A(6)(10)
JNL/MC Global 30 Fund - A(6)(7) (10)
JNL/MC Healthcare Sector Fund - A(6)(10)
JNL/MC JNL 5 Fund - A(6)(10)
JNL/MC JNL Optimized 5 Fund - A(6)(9)(10)
JNL/MC Nasdaq25 Fund - A(6)(10)
JNL/MC Oil & Gas Sector Fund - A(6) (10)
JNL/MC S&P 24 Fund - A(6)(10)
JNL/MC S&P SMid 60 Fund - A(6)(10)
JNL/MC Technology Sector Fund - A(6)(10)
JNL/MC Value Line 30 Fund - A(6)(9)(10)
JNL Investors® Series Trust
JNL/PPM America Total Return Fund - A(3) (10)
 
 

Jackson National Asset Management, LLC (“JNAM”) serves as investment adviser for the Funds comprising the Jackson Variable Series Trust, JNL Series Trust, JNL Variable Fund LLC and JNL Investors Series Trust. Prior to April 27, 2015, Curian Capital, LLC (“Curian”) served as investment adviser for the Funds comprising Curian Variable Series Trust. Curian Variable Series Trust was renamed Jackson Variable Series Trust effective April 27, 2015. Both JNAM and Curian are wholly-owned subsidiaries of Jackson and received fees for their services from each Fund.

During the year ended December 31, 2015, the following Funds changed names:
PRIOR FUND NAME
CURRENT FUND NAME
EFFECTIVE DATE
CG - Alt 100 Moderate Fund
JG - Alt 100 Fund
April 27, 2015
CG - Conservative Fund
JG - Conservative Fund
April 27, 2015
CG - Equity 100 Fund
JG - Equity 100 Fund
April 27, 2015
CG - Equity Income Fund
JG - Equity Income Fund
April 27, 2015
CG - Fixed Income 100 Fund
JG - Fixed Income 100 Fund
April 27, 2015
CG - Growth Fund
JG - Growth Fund
April 27, 2015
CG - Interest Rate Opportunities Fund
JG - Interest Rate Opportunities Fund
April 27, 2015
CG - Maximum Growth Fund
JG - Maximum Growth Fund
April 27, 2015
CG - Moderate Fund
JG - Moderate Fund
April 27, 2015
CG - Moderate Growth Fund
JG - Moderate Growth Fund
April 27, 2015
CG - Real Assets Fund
JG - Real Assets Fund
April 27, 2015
Curian Focused U.S. Equity Fund
JNL/The London Company Focused U.S. Equity Fund
April 27, 2015
Curian Focused International Equity Fund
JNL/WMC Focused International Equity Fund
April 27, 2015
Curian Long Short Credit Fund
JNL/PPM America Long Short Credit Fund
April 27, 2015
Curian Tactical Advantage 35 Fund
JNL Tactical ETF Conservative Fund
April 27, 2015
Curian Tactical Advantage 60 Fund
JNL Tactical ETF Moderate Fund
April 27, 2015
Curian Tactical Advantage 75 Fund
JNL Tactical ETF Growth Fund
April 27, 2015
Curian/American Funds Global Growth Fund
JNL/American Funds Global Growth Fund
April 27, 2015
Curian/American Funds Growth Fund
JNL/American Funds Growth Fund
April 27, 2015
Curian/AQR Risk Parity Fund
JNL/AQR Risk Parity Fund
April 27, 2015
Curian/BlackRock Global Long Short Credit Fund
JNL/BlackRock Global Long Short Credit Fund
April 27, 2015
Curian/DFA U.S. Micro Cap Fund
JNL/DFA U.S. Micro Cap Fund
April 27, 2015

74
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


PRIOR FUND NAME
CURRENT FUND NAME
EFFECTIVE DATE
Curian/DoubleLine Total Return Fund
JNL/DoubleLine Total Return Fund
April 27, 2015
Curian/Eaton Vance Global Macro Absolute Return Advantage Fund
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund
April 27, 2015
Curian/Epoch Global Shareholder Yield Fund
JNL/Epoch Global Shareholder Yield Fund
April 27, 2015
Curian/FAMCO Flex Core Covered Call Fund
JNL/FAMCO Flex Core Covered Call Fund
April 27, 2015
Curian/Franklin Templeton Frontier Markets Fund
JNL/Franklin Templeton Frontier Markets Fund
April 27, 2015
Curian/Franklin Templeton Natural Resources Fund
JNL/Franklin Templeton Natural Resources Fund
April 27, 2015
Curian/Lazard International Strategic Equity Fund
JNL/Lazard International Strategic Equity Fund
April 27, 2015
Curian/Neuberger Berman Currency Fund
JNL/Neuberger Berman Currency Fund
April 27, 2015
Curian/Neuberger Berman Risk Balanced Commodity Strategy Fund
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund
April 27, 2015
Curian/Nicholas Convertible Arbitrage Fund
JNL/Nicholas Convertible Arbitrage Fund
April 27, 2015
Curian/PIMCO Credit Income Fund
JNL/PIMCO Credit Income Fund
April 27, 2015
Curian/T. Rowe Price Capital Appreciation Fund
JNL/T. Rowe Price Capital Appreciation Fund
April 27, 2015
Curian/The Boston Company Equity Income Fund
JNL/The Boston Company Equity Income Fund
April 27, 2015
Curian/Van Eck International Gold Fund
JNL/Van Eck International Gold Fund
April 27, 2015
JNL Institutional Alt 65 Fund - A
JNL Alt 65 Fund - A
April 27, 2015
JNL/Franklin Templeton Frontier Markets Fund
JNL/MC Frontier Markets 100 Index Fund
September 28, 2015
JNL/AllianceBernstein Dynamic Asset Allocation Fund - A
JNL/AB Dynamic Asset Allocation Fund - A
September 28, 2015
JNL/BlackRock Commodity Securities Strategy Fund - A
JNL/BlackRock Natural Resources Fund - A
September 28, 2015
JNL/Eagle SmallCap Equity Fund - A
JNL Multi-Manager Small Cap Growth Fund - A
September 28, 2015
JNL/Franklin Templeton Small Cap Value Fund - A
JNL Multi-Manager Small Cap Value Fund - A
September 28, 2015
JNL/JPMorgan International Value Fund - A
JNL/Causeway International Value Select Fund - A
September 28, 2015
JNL/MC Dow 10 Fund - A
JNL/MC Dow Index Fund - A
September 28, 2015
JNL/MC Global 15 Fund - A
JNL/MC Global 30 Fund - A
September 28, 2015

During the year ended December 31, 2015, the following Fund acquisitions were completed:
ACQUIRED FUND
ACQUIRING FUND
DATE OF ACQUISITION
CG - Alt 100 Conservative Fund
JG - Alt 100 Fund
April 27, 2015
CG - Alt 100 Growth Fund
JG - Alt 100 Fund
April 27, 2015
CG - Institutional Alt 65 Fund
JNL Alt 65 Fund - A
April 27, 2015
CG - International Conservative Fund
JG - Conservative Fund
April 27, 2015
CG - International Growth Fund
JG - Growth Fund
April 27, 2015
CG - International Moderate Fund
JG - Moderate Fund
April 27, 2015
CG - Multi-Strategy Income Fund
JG - Fixed Income 100 Fund
April 27, 2015
CG - Tactical Maximum Growth Fund
JG - Maximum Growth Fund
April 27, 2015
CG - Tactical Moderate Growth Fund
JG - Moderate Growth Fund
April 27, 2015
Curian Dynamic Risk Advantage - Diversified Fund
JNL/MMRS Conservative Fund - A
April 27, 2015

75
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


ACQUIRED FUND
ACQUIRING FUND
DATE OF ACQUISITION
Curian Dynamic Risk Advantage - Growth Fund
JNL/MMRS Moderate Fund - A
April 27, 2015
Curian Dynamic Risk Advantage - Income Fund
JNL/MMRS Conservative Fund - A
April 27, 2015
Curian/Aberdeen Latin America Fund
JNL/Lazard Emerging Markets Fund - A
April 27, 2015
Curian/Ashmore Emerging Market Small Cap Equity Fund
JNL/Lazard Emerging Markets Fund - A
April 27, 2015
Curian/Baring International Fixed Income Fund
JNL/Franklin Templeton Global Multisector Bond Fund - A
April 27, 2015
Curian/CenterSquare International Real Estate Securities Fund
JNL/Invesco Global Real Estate Fund - A
April 27, 2015
Curian/PineBridge Merger Arbitrage Fund
JNL/Nicholas Convertible Arbitrage Fund
April 27, 2015
Curian/Schroder Emerging Europe Fund
JNL/Lazard Emerging Markets Fund - A
April 27, 2015
Curian/UBS Global Long Short Fixed Income Opportunities Fund
JNL/BlackRock Global Long Short Credit Fund
April 27, 2015
JNL/MC Global Alpha Fund - A
JNL/AQR Managed Futures Strategy Fund - A
April 27, 2015
JNL/MC JNL Optimized 5 Fund - A
JNL/MC JNL 5 Fund - A
April 27, 2015
JNL/MC Value Line 30 Fund - A
JNL/MC S&P 24 Fund - A
April 27, 2015
JG - Equity Income Fund
JNL/The Boston Company Equity Income Fund - A
September 28, 2015
JNL/Franklin Templeton Natural Resources Fund
JNL/BlackRock Natural Resources Fund - A
September 28, 2015
JNL/MC Dow Jones U.S. Contrarian Opportunities Index Fund - A
JNL/MC S&P 400 MidCap Index Fund - A
September 28, 2015
JNL/MC 25 Fund - A
JNL/S&P 4 Fund - A
September 28, 2015

(1) The Fund was advised by Curian, an affiliate of Jackson, prior to April 27, 2015. Effective April 27, 2015, the Fund was acquired by a Fund advised by JNAM.
(2) The Fund is a Fund of Fund advised by JNAM, an affiliate of Jackson and has no sub-adviser.
(3) The Fund is sub-advised by an affiliate of Jackson.
(4) “CG” denotes the Fund of Fund group Curian Guidance throughout these financial statements.  
(5) “JG” denotes the Fund of Fund group JNAM Guidance throughout these financial statements.
(6) “MC” denotes the sub-adviser Mellon Capital throughout these financial statements.
(7) The Fund’s name was changed during the year ended December 31, 2015 to align the Fund name with its investment strategy.
(8) The Fund’s name was changed during the year ended December 31, 2015 due to a change in adviser or sub-adviser(s).
(9) This Fund was acquired during the year and is no longer available as of December 31, 2015.
(10) “A” denotes Class A shares of the respective Fund throughout these financial statements.
(11) JNL/MC Communications Sector Fund is closed to new contract owners.
Note 2 – Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Separate Account in the preparation of its financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”).

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the reporting period. Actual results could differ from those estimates.

76
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 2 - Significant Accounting Policies (continued)

Investments

The Separate Account’s Investment Divisions’ investments in the corresponding Funds are stated at the closing net asset value (“NAV”) of the respective Fund, which represent fair value. The average cost method is used in determining the cost of the shares sold on withdrawals by the Investment Divisions of the Separate Account. Investments in the Funds are recorded on trade date for financial reporting purposes. Realized gain distributions and dividend income distributions received from the Funds are reinvested in additional shares of the Funds and are recorded as gain or income to the Investment Divisions of the Separate Account on the ex-dividend date.

Federal Income Taxes

The operations of the Separate Account are taxed as part of the operations of Jackson, which is taxed as a “life insurance company” under the provisions of the Internal Revenue Code. Under current law, no federal income taxes are payable with respect to the Separate Account. Therefore, no federal income tax provision is required.

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 740 “Income Taxes” provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FASB ASC Topic 740 establishes for all entities, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. FASB ASC Topic 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Separate Account’s tax return to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax expense in the current year. The Interpretation requires that management evaluate the tax positions taken in the returns which remain subject to examination by the Internal Revenue Service and other tax jurisdictions. JNAM completed an evaluation of the Separate Account’s tax positions and based on that evaluation, determined that no provision for federal income tax is required in the Separate Account’s financial statements during the year ended December 31, 2015.

FASB ASC Topic 820, “Fair Value Measurement”

Recently adopted Accounting Standards Update 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) eliminates the requirement to categorize investments in the fair value hierarchy if its fair value is measured at net asset value using a practical expedient. As of December 31, 2015, all of the Separate Account’s Investment Divisions’ investment in each of the corresponding Funds are valued as a practical expedient at their daily reported net asset value (“NAV”) and as such are not included in the fair value hierarchy required under FASB ASC Topic 820, “Fair Value Measurement”.  On each valuation date, the NAV of each corresponding Fund is determined as of the close of trading (generally, 4:00 PM Eastern Time) on each day the New York Stock Exchange (“NYSE”) is open for trading.  The characterization of the underlying securities held by the Funds in accordance with FASB ASC Topic 820 differs from the characterization of the Separate Account’s Investment Divisions’ investment in the corresponding Funds. Although there can be no assurance, in general, the fair value of the investment valued as a practical expedient is the amount the owner of such investment might reasonably expect to receive in an orderly transaction between market participants upon its current sale.

Note 3 – Contract Charges

Under the term of the contracts, certain charges are allocated to the contract owner to compensate Jackson for providing the insurance benefits set forth in the contracts, administering the contracts, distributing the contracts, and assuming certain risks in connection with the contracts. These charges result in a reduction in contract unit value or redemptions of contract units in the number of contract units outstanding.


77
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 3 - Contract Charges (continued)

Contract Owner Charges

The following charges are assessed to the contract owner by redemption of contract units outstanding:

Contract Maintenance Charge

An annual contract maintenance charge of $35 - $50 is charged against each contract to reimburse Jackson for expenses incurred in establishing and maintaining records relating to the contract. The contract maintenance charge is assessed on each anniversary of the contract date that occurs prior to the annuity date or in conjunction with a total withdrawal, as applicable. This charge is only imposed if the contract value is less than $50,000 on the date when the charge is assessed. The charge is deducted by redemption of contract units.

Transfer Charge

A transfer charge of $25 will apply to transfers made by contract owners between the Investment Divisions in excess of 15 transfers in a contract year. Contract year is defined as the succeeding twelve months from the contract issue date. Jackson may waive the transfer charge in connection with pre-authorized automatic transfer programs, or in those states where a lesser charge is required. This charge will be deducted from the amount transferred prior to the allocation to a different Investment Division.

Surrender or Contingent Deferred Sales Charge

During the first three to nine contract years, certain contracts include a provision for a charge upon the surrender or partial surrender of the contract. The amount assessed under the contract terms, if any, depends upon the cost associated with distributing the particular contracts. The amount, if any, is determined based on a number of factors, including the amount withdrawn, the contract year of surrender, or the number and amount of withdrawals in a calendar year. The surrender charges are assessed by Jackson and withheld from the proceeds of the withdrawals.

Optional Benefit Charges

Guaranteed Minimum Income Benefit Charge. If this benefit has been selected, Jackson will assess an annual charge of 0.40% to 0.87%, depending on the contract, of the Guaranteed Minimum Income Benefit (“GMIB”) base. The charge will be deducted each calendar quarter from the contract value by redemption of contract units.

Guaranteed Minimum Accumulation Benefit Charge. If this benefit has been selected, Jackson will assess an annual charge of 1.00% to 1.02% of the Guaranteed Value (“GV”). The charge will be deducted each calendar quarter from the contract value by redemption of contract units.

Guaranteed Minimum Withdrawal Benefit Charge. If this benefit has been selected, Jackson will assess an annual charge of 0.50% to 3.00%, depending on the contract, of the Guaranteed Withdrawal Balance (“GWB”). The charge will be deducted each calendar quarter from the contract value by redemption of contract units.

Guaranteed Minimum Death Benefit Charge. If any of the optional death benefits are selected that are available under the contract, Jackson will assess an annual charge of 0.60% to 1.80%, depending on the contract, of the Death Benefit base. The charge will be deducted each contract quarter from the contract value by redemption of contract units.


78
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 3 - Contract Charges (continued)

Asset-based Charges

The following charges are assessed to the contract owner by a reduction in contract unit value:

Insurance Charges

Jackson deducts a daily charge for administrative expenses from the net assets of the Separate Account equivalent to an annual rate of 0.15%. In designated products, this expense is waived for contracts valued greater than $1 million, refer to the product prospectus for eligibility. The administration charge is designed to reimburse Jackson for expenses incurred in administering the Separate Account and its contracts and reduces the contract unit value.

Jackson deducts a daily base contract charge from the net assets of the Separate Account equivalent to an annual rate of 0.15% to 1.65% for the assumption of mortality and expense risks. The mortality risk assumed by Jackson is that the insured may receive benefits greater than those anticipated by Jackson. The expense risk assumed by Jackson is that the actual cost of administering the contracts of the Separate Account may exceed the amount received from the Administration Charge and the Contract Maintenance Charge.

Optional Benefit Charges

Earnings Protection Benefit Charge. If this benefit option has been selected, Jackson will make an additional deduction of 0.20% to 0.45%, depending on the contract chosen, on an annual basis of the average daily net assets of the contract owner’s allocations to the Investment Divisions.

Contract Enhancement Charge. If one of the contract enhancement benefits is selected, then for a period of five to nine contract years, Jackson will make an additional deduction based upon the average daily net assets of the contract owner’s allocations to the Investment Divisions. The amounts of these charges depend upon the contract enhancements selected and range from 0.395% to 0.832%.

Withdrawal Charge Period. If the optional three, four, or five-year withdrawal charge period feature is selected, Jackson will deduct 0.45%, 0.40%, or 0.30%, respectively, on an annual basis of the average daily net assets of the contract owner’s allocations to the Investment Divisions.

20% Additional Free Withdrawal Charge. If a contract owner selects the optional feature that permits you to withdraw up to 20% of premiums that are still subject to a withdrawal charge minus earnings during a contract year without withdrawal charge, Jackson will deduct 0.30% to 0.40% on an annual basis of the average daily net assets of the contract owner’s allocations to the Investment Divisions.

Optional Death Benefit Charges. If any of the optional death benefits are selected that are available under the contract, Jackson will make an additional deduction of 0.15% to 0.80% on an annual basis of the average daily net assets the contract owner’s allocations to the Investment Divisions, based on the optional death benefit selected.

Premium Taxes

Some states and other governmental entities charge premium taxes or other similar taxes. Jackson pays these taxes and may make a deduction from the value of the contract for them. Premium taxes generally range from 0% to 3.5% depending on the state.



79
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 4 – Related Party Transactions

For contract enhancement benefits related to the optional benefits offered, Jackson contributed $4,548,950 and $7,965,508 to the Separate Account in the form of additional premium to contract owners’ accounts for the years ended December 31, 2015 and 2014, respectively. These amounts are included in purchase payments from contract transactions.


Note 5 – Purchases and Sales of Investments

For the year ended December 31, 2015, cost of purchases and proceeds from sales of the Investment Divisions’ investments in the corresponding Funds are as follows:

Jackson Variable Series Trust
 
Cost of
 Purchases
 
Proceeds
from Sales

 
Cost of
Purchases

Proceeds
from Sales

CG - Alt 100 Conservative Fund*
 
$
4,854,251

$
39,502,027

JG - Moderate Growth Fund
$
520,968,946

$
136,050,734

CG - Alt 100 Growth Fund*
 
13,626,852

117,550,925

JG - Real Assets Fund
3,988,296

4,323,483

CG - Institutional Alt 65 Fund*
 
16,542,603

137,141,141

JNL Tactical ETF Conservative Fund
45,845,426

15,034,483

CG - International Conservative Fund*
 
1,985,387

6,620,422

JNL Tactical ETF Growth Fund
64,885,864

24,153,489

CG - International Growth Fund*
 
1,381,792

9,283,673

JNL Tactical ETF Moderate Fund
89,579,370

19,201,511

CG - International Moderate Fund*
 
1,848,958

12,166,642

JNL/American Funds Global Growth Fund
76,965,000

16,781,938

CG - Multi-Strategy Income Fund*
 
6,623,463

44,224,721

JNL/American Funds Growth Fund
110,717,278

38,244,425

CG - Tactical Maximum Growth Fund*
 
11,622,288

102,579,379

JNL/AQR Risk Parity Fund
46,471,429

14,856,588

CG - Tactical Moderate Growth Fund*
 
34,052,253

326,415,705

JNL/BlackRock Global Long Short Credit Fund
45,937,858

27,558,156

Curian Dynamic Risk Advantage - Diversified Fund*
 
35,598,461

272,504,470

JNL/DFA U.S. Micro Cap Fund
29,665,747

12,300,256

Curian Dynamic Risk Advantage - Growth Fund*
 
5,696,717

65,274,215

JNL/DoubleLine Total Return Fund
346,730,976

46,358,711

Curian Dynamic Risk Advantage - Income Fund*
 
29,581,391

199,709,765

JNL/Eaton Vance Global Macro Absolute Return Advantage Fund
32,427,220

10,497,775

Curian/Aberdeen Latin America Fund*
 
620,254

2,189,148

JNL/Epoch Global Shareholder Yield Fund
14,571,283

10,980,177

Curian/Ashmore Emerging Market Small Cap Equity Fund*
 
1,556,751

5,311,108

JNL/FAMCO Flex Core Covered Call Fund
55,410,125

33,077,583

Curian/Baring International Fixed Income Fund*
 
1,340,169

5,128,955

JNL/Franklin Templeton Natural Resources Fund**
24,093,306

31,866,615

Curian/CenterSquare International Real Estate Securities Fund*
2,652,026

10,667,232

JNL/Lazard International Strategic Equity Fund
37,910,455

8,183,548

Curian/PineBridge Merger Arbitrage Fund*
 
4,064,863

68,606,782

JNL/MC Frontier Markets 100 Index Fund
22,878,344

7,688,708

Curian/Schroder Emerging Europe Fund*
 
1,735,506

4,375,872

JNL/Neuberger Berman Currency Fund
3,774,305

5,856,157

Curian/UBS Global Long Short Fixed Income Opportunities Fund*
3,360,794

17,874,335

JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund
6,837,128

3,138,438

JG - Alt 100 Fund
 
248,601,758

105,784,360

JNL/Nicholas Convertible Arbitrage Fund
80,601,897

37,745,442

JG - Conservative Fund
 
70,177,068

40,541,243

JNL/PIMCO Credit Income Fund
44,601,672

17,370,464

JG - Equity 100 Fund
 
30,582,538

17,641,136

JNL/PPM America Long Short Credit Fund
8,235,069

5,774,066

JG - Equity Income Fund**
 
12,979,984

68,691,609

JNL/T. Rowe Price Capital Appreciation Fund
315,366,739

26,434,867

JG - Fixed Income 100 Fund
 
61,436,204

31,025,400

JNL/The Boston Company Equity Income Fund
85,638,630

21,131,106

JG - Growth Fund
 
135,396,363

39,137,733

JNL/The London Company Focused U.S. Equity Fund
8,544,371

3,174,659

JG - Interest Rate Opportunities Fund
 
16,330,405

15,869,775

JNL/Van Eck International Gold Fund
18,101,608

10,353,709

JG - Maximum Growth Fund
 
159,315,173

35,238,910

JNL/WCM Focused International Equity Fund
7,050,402

2,121,330

JG - Moderate Fund
 
163,265,346

78,401,783

 
 
 

80
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 5 – Purchases and Sales of Investments (continued)
JNL Series Trust
 
Cost of
 Purchases
 
Proceeds
from Sales

 
Cost of
Purchases

Proceeds
from Sales

JNL Alt 65 Fund - A
 
$
218,625,987

$
157,313,598

JNL/Franklin Templeton Income Fund - A
$
435,185,285

$
546,384,028

JNL Disciplined Growth Fund - A
 
249,257,605

119,346,083

JNL/Franklin Templeton International Small Cap Growth Fund - A   
272,161,092

131,795,440

JNL Disciplined Moderate Fund - A
 
314,924,505

204,933,584

JNL/Franklin Templeton Mutual Shares Fund - A
154,712,986

122,060,394

JNL Disciplined Moderate Growth Fund - A
 
505,187,578

245,827,858

JNL/Goldman Sachs Core Plus Bond Fund - A
366,205,618

241,998,891

JNL Institutional Alt 20 Fund - A
 
363,884,680

308,116,401

JNL/Goldman Sachs Emerging Markets Debt Fund - A
21,505,986

50,885,158

JNL Institutional Alt 35 Fund - A
 
414,215,229

468,341,673

JNL/Goldman Sachs Mid Cap Value Fund - A
266,973,842

200,267,000

JNL Institutional Alt 50 Fund - A
 
571,311,178

689,556,441

JNL/Goldman Sachs U.S. Equity Flex Fund - A
197,843,345

121,265,324

JNL Multi-Manager Alternative Fund - A
 
7,621,110

1,252,749

JNL/Harris Oakmark Global Equity Fund - A
11,017,410

2,647,109

JNL Multi-Manager Small Cap Growth Fund - A
 
390,410,927

285,023,557

JNL/Invesco Global Real Estate Fund - A
626,681,133

465,049,450

JNL Multi-Manager Small Cap Value Fund - A
 
178,360,324

165,023,049

JNL/Invesco International Growth Fund - A
330,721,142

166,050,667

JNL/AB Dynamic Asset Allocation Fund - A
 
23,827,143

9,428,315

JNL/Invesco Large Cap Growth Fund - A
303,800,386

191,878,502

JNL/American Funds Balanced Allocation Fund - A
 
577,077,737

169,934,231

JNL/Invesco Mid Cap Value Fund - A
92,991,619

90,732,430

JNL/American Funds Blue Chip Income and Growth Fund - A
566,105,208

373,117,926

JNL/Invesco Small Cap Growth Fund - A
659,615,404

240,737,023

JNL/American Funds Global Bond Fund - A
 
99,287,327

120,254,912

JNL/Ivy Asset Strategy Fund - A
463,554,081

719,618,773

JNL/American Funds Global Small Capitalization Fund - A
 
256,953,057

118,340,424

JNL/JPMorgan MidCap Growth Fund - A
724,149,966

285,902,681

JNL/American Funds Growth-Income Fund - A
 
1,100,903,281

418,661,837

JNL/JPMorgan U.S. Government & Quality Bond Fund - A
493,867,332

350,424,855

JNL/American Funds Growth Allocation Fund - A
 
463,584,246

130,087,781

JNL/Lazard Emerging Markets Fund - A
87,755,139

114,671,294

JNL/American Funds International Fund - A
 
494,721,053

177,387,296

JNL/MC 10 x 10 Fund - A
79,224,409

77,441,328

JNL/American Funds New World Fund - A
 
294,467,189

134,018,612

JNL/MC Bond Index Fund - A
347,060,103

252,560,268

JNL/AQR Managed Futures Strategy Fund - A
 
155,632,242

40,379,411

JNL/MC Dow Jones U.S. Contrarian Opportunities Index Fund - A** 
58,140,784

128,669,493

JNL/BlackRock Global Allocation Fund - A
 
1,135,380,605

576,563,397

JNL/MC Emerging Markets Index Fund - A
246,597,142

157,349,016

JNL/BlackRock Large Cap Select Growth Fund - A
 
455,153,863

183,283,745

JNL/MC European 30 Fund - A
351,583,054

125,060,314

JNL/BlackRock Natural Resources Fund - A
 
228,924,675

208,328,669

JNL/MC Global Alpha Fund - A*
3,982,560

48,728,954

JNL/Boston Partners Global Long Short Equity Fund - A
 
28,087,227

3,685,906

JNL/MC Index 5 Fund - A
169,884,897

117,373,325

JNL/Brookfield Global Infrastructure and MLP Fund - A
 
282,352,986

329,429,735

JNL/MC International Index Fund - A
438,581,861

248,882,116

JNL/Capital Guardian Global Balanced Fund - A
 
120,192,328

98,975,099

JNL/MC Pacific Rim 30 Fund - A
217,762,960

99,571,227

JNL/Capital Guardian Global Diversified Research Fund - A
 
136,107,701

118,792,564

JNL/MC S&P 400 MidCap Index Fund - A
797,966,058

410,202,762

JNL/Causeway International Value Select Fund - A
 
149,312,799

109,533,830

JNL/MC S&P 500 Index Fund - A
1,463,774,238

909,804,549

JNL/DFA U.S. Core Equity Fund - A
 
263,047,191

175,093,159

JNL/MC Small Cap Index Fund - A
581,483,114

386,318,677

JNL/DoubleLine Shiller Enhanced CAPE Fund - A
 
16,239,891

187,857

JNL/MC Utilities Sector Fund - A
30,697,703

29,964,561

JNL/Eastspring Investments Asia ex-Japan Fund - A
 
57,989,345

59,146,950

JNL/MMRS Conservative Fund - A
543,453,493

94,912,554

JNL/Eastspring Investments China-India Fund - A
 
200,255,985

187,900,899

JNL/MMRS Growth Fund - A
56,661,703

18,828,120

JNL/Franklin Templeton Founding Strategy Fund - A
 
226,221,224

327,772,110

JNL/MMRS Moderate Fund - A
213,701,090

36,718,124

JNL/Franklin Templeton Global Growth Fund - A
 
137,286,573

177,091,334

JNL/Morgan Stanley Mid Cap Growth Fund - A
78,580,656

51,725,598

JNL/Franklin Templeton Global Multisector Bond Fund - A
 
277,357,579

241,715,832

JNL/Neuberger Berman Strategic Income Fund - A
228,163,006

144,085,354


81
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 5 – Purchases and Sales of Investments (continued)
JNL Series Trust (continued)
 
Cost of
 Purchases
 
Proceeds
from Sales

 
Cost of
 Purchases

Proceeds
from Sales

JNL/Oppenheimer Emerging Markets Innovator Fund - A
 
$
5,972,920

$
1,180,753

JNL/S&P Managed Conservative Fund - A
$
312,266,874

$
410,190,287

JNL/Oppenheimer Global Growth Fund - A
 
478,761,128

216,277,829

JNL/S&P Managed Growth Fund - A
779,275,631

785,820,909

JNL/PIMCO Real Return Fund - A
 
248,519,759

373,931,798

JNL/S&P Managed Moderate Fund - A
424,280,921

568,521,313

JNL/PIMCO Total Return Bond Fund - A
 
819,137,817

828,931,540

JNL/S&P Managed Moderate Growth Fund - A
739,629,810

975,638,309

JNL/PPM America Floating Rate Income Fund - A
 
551,588,129

499,364,677

JNL/S&P Mid 3 Fund - A
253,031,610

82,764,553

JNL/PPM America High Yield Bond Fund - A
 
1,029,681,899

1,080,740,764

JNL/S&P Total Yield Fund - A
297,779,624

295,718,751

JNL/PPM America Mid Cap Value Fund - A
 
174,205,761

120,225,718

JNL/Scout Unconstrained Bond Fund - A
24,847,892

8,611,710

JNL/PPM America Small Cap Value Fund - A
 
353,238,250

154,987,252

JNL/T. Rowe Price Established Growth Fund - A
1,759,143,154

591,485,426

JNL/PPM America Value Equity Fund - A
 
36,989,392

70,378,296

JNL/T. Rowe Price Mid-Cap Growth Fund - A
1,269,292,331

565,196,111

JNL/Red Rocks Listed Private Equity Fund - A
 
135,228,641

126,367,017

JNL/T. Rowe Price Short-Term Bond Fund - A
509,719,408

420,240,697

JNL/S&P 4 Fund - A
 
3,248,068,410

1,163,625,653

JNL/T. Rowe Price Value Fund - A
496,735,788

359,042,788

JNL/S&P Competitive Advantage Fund - A
 
634,298,672

281,507,026

JNL/Westchester Capital Event Driven Fund - A
3,495,816

469,083

JNL/S&P Dividend Income & Growth Fund - A
 
655,530,003

622,989,910

JNL/WMC Balanced Fund - A
1,536,195,016

685,066,512

JNL/S&P International 5 Fund - A
 
25,210,884

6,000,131

JNL/WMC Money Market Fund - A
2,094,229,628

1,821,212,077

JNL/S&P Intrinsic Value Fund - A
 
547,973,768

430,423,188

JNL/WMC Value Fund - A
191,977,324

144,899,088

JNL/S&P Managed Aggressive Growth Fund - A
 
355,871,596

279,566,030

 
 
 
JNL Variable Fund LLC
 
Cost of
 Purchases
 
Proceeds
from Sales

 
Cost of
 Purchases

Proceeds
from Sales

JNL/MC 25 Fund - A**
 
$
245,119,079

$
880,460,300

JNL/MC JNL Optimized 5 Fund - A*
$
27,143,340

$
450,726,135

JNL/MC Communications Sector Fund - A
 
24,777,901

38,612,716

JNL/MC Nasdaq 25 Fund - A
480,508,151

304,260,911

JNL/MC Consumer Brands Sector Fund - A
 
659,573,407

231,251,466

JNL/MC Oil & Gas Sector Fund - A
629,481,044

298,408,175

JNL/MC Dow Index Fund - A
 
108,079,304

189,948,646

JNL/MC S&P 24 Fund - A
709,331,909

187,430,660

JNL/MC Financial Sector Fund - A
 
367,539,595

217,796,219

JNL/MC S&P SMid 60 Fund - A
224,047,549

153,585,538

JNL/MC Global 30 Fund - A
 
160,294,352

154,545,327

JNL/MC Technology Sector Fund - A
612,888,320

297,253,847

JNL/MC Healthcare Sector Fund - A
 
1,619,920,789

668,160,623

JNL/MC Value Line 30 Fund - A*
19,652,332

453,121,609

JNL/MC JNL 5 Fund - A
 
787,410,306

758,010,436

 
 
 
JNL Investors Series Trust
 
Cost of
 Purchases
 
Proceeds
from Sales

 
 
 
JNL/PPM America Total Return Fund - A
 
$
50,913,516

$
3,988,588

 
 
 
*No longer available as of April 27, 2015.
**No longer available as of September 28, 2015.

82
Jackson National Separate Account I
Notes to Financial Statements
December 31, 2015


Note 6 – Subsequent Events

Management has evaluated subsequent events for the Separate Account through the date the financial statements are issued and the following events occurred:

On March 21, 2016, contract holders of the applicable Investment Division as shareowners in the acquired Fund approved the following acquisitions: JNL/Mellon Capital Frontier Markets 100 Index Fund into JNL/Mellon Capital Emerging Markets Index Fund; JNL/Eastspring Investments Asia ex-Japan Fund into JNL/Eastspring Investments China-India Fund (renamed JNL/Invesco China-India Fund); JNL/Invesco Large Cap Growth Fund into JNL/BlackRock Large Cap Select Growth Fund; and JNL/Capital Guardian Global Diversified Research Fund into JNL/Oppenheimer Global Growth Fund. The acquisitions will be effective after close of business on April 22, 2016. Also effective after close of business on April 22, 2016, JNL/PPM America Total Return Fund will be acquired by JNL/PPM America Total Return Fund, a separate series of JNL Series Trust.

No other events were noted that required adjustments to the financial statements or disclosures in the notes.


83
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 The following is a summary for each period in the five-year period ended December 31, 2015, of unit values, total returns and expense ratios for variable annuity contracts with the highest and lowest expense ratios in addition to certain other Investment Division data. Unit values for Investment Divisions that do not have any assets at period end are calculated based on the net asset value of the underlying Fund less expenses charged directly to that Investment Division of the Separate Account.
 
 
 
CG - Alt 100 Conservative Fund (b) (c)
 
CG - Alt 100 Growth Fund (b) (c)
 
CG - Institutional Alt 65 Fund (a) (c)
 
CG - International Conservative Fund (b) (c)
 
CG - International Growth Fund (b) (c)
 
CG - International Moderate Fund (b) (c)
 
CG - Multi-Strategy Income Fund (b) (c)
 
CG - Tactical Maximum Growth Fund (a) (c)
 
CG - Tactical Moderate Growth Fund (a) (c)
 
Curian Dynamic Risk Advantage - Diversified Fund (a) (c)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Highest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.227178

 
$
10.494970

 
$
11.651919

 
$
9.440014

 
$
10.110364

 
$
9.733932

 
$
9.864148

 
$
12.389597

 
$
12.361294

 
$
10.736202

   Total Return *
 
3.01
%
 
3.01
%
 
3.84
%
 
0.3
 %
 
4.73
 %
 
2.58
 %
 
1.57
%
 
4.59
%
 
5.4
%
 
2.63
%
   Ratio of Expenses **
 
1.25
%
 
1.25
%
 
1.25
%
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
%
 
1.25
%
 
1.25
%
 
1.25
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
9.928455

 
$
10.188282

 
$
11.220922

 
$
9.411909

 
$
9.653876

 
$
9.488808

 
$
9.712107

 
$
11.846077

 
$
11.728280

 
$
10.461190

   Total Return *
 
0.12
%
 
0.93
%
 
1.32
%
 
(3.25
)%
 
(4.45
)%
 
(4.41
)%
 
0.66
%
 
2.49
%
 
3.14
%
 
3.86
%
   Ratio of Expenses **
 
1.25
%
 
1.25
%
 
1.25
%
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
%
 
1.25
%
 
1.25
%
 
1.25
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
9.916106

 
$
10.094602

 
$
11.074681

 
$
9.727702

 
$
10.103960

 
$
9.926114

 
$
9.648447

 
$
11.558091

 
$
11.371351

 
$
10.072268

   Total Return *
 
-1.02%***

 
0.65%***

 
7.28
%
 
-1.17%***

 
-0.81%***

 
-1.03%***

 
-3.61%***

 
13.92
%
 
11.22
%
 
0.83
%
   Ratio of Expenses **
 
1.25
%
 
1.25
%
 
1.25
%
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
%
 
1.25
%
 
1.25
%
 
1.25
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
 n/a

 
 n/a

 
$
10.323314

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
$
10.145630

 
$
10.224428

 
$
9.989160

   Total Return *
 
n/a

 
n/a

 
2.67%***

 
n/a

 
n/a

 
n/a

 
n/a

 
1.01%***

 
1.76%***

 
0.11%***

   Ratio of Expenses **
 
n/a

 
n/a

 
1.25
%
 
n/a

 
n/a

 
n/a

 
n/a

 
1.25
%
 
1.25
%
 
1.25
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

   Total Return *
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

   Ratio of Expenses **
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations February 6, 2012.
(b) Commencement of operations April 29, 2013.
(c) The period is from January 1, 2015 through April 27, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements. Unit values disclosed are as of April 24, 2015.


84
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CG - Alt 100 Conservative Fund (b) (c)
 
CG - Alt 100 Growth Fund (b) (c)
 
CG - Institutional Alt 65 Fund (a) (c)
 
CG - International Conservative Fund (b) (c)
 
CG - International Growth Fund (b) (c)
 
CG - International Moderate Fund (b) (c)
 
CG - Multi-Strategy Income Fund (b) (c)
 
CG - Tactical Maximum Growth Fund (a) (c)
 
CG - Tactical Moderate Growth Fund (a) (c)
 
Curian Dynamic Risk Advantage - Diversified Fund (a) (c)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lowest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.308748

 
$
10.578673

 
$
11.802489

 
$
9.515322

 
$
10.191580

 
$
9.811483

 
$
9.942764

 
$
12.549192

 
$
12.521129

 
$
10.874901

   Total Return *
 
3.14
%
 
3.14
%
 
3.97
%
 
0.42
%
 
4.86
 %
 
2.71
 %
 
1.69
%
 
4.72
%
 
5.53
%
 
2.76
%
   Ratio of Expenses **
 
0.85
%
 
0.85
%
 
0.85
%
 
0.85
%
 
0.85
 %
 
0.85
 %
 
0.85
%
 
0.85
%
 
0.85
%
 
0.85
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
9.995148

 
$
10.256716

 
$
11.351738

 
$
9.475144

 
$
9.719272

 
$
9.552464

 
$
9.777290

 
$
11.983690

 
$
11.865096

 
$
10.583109

   Total Return *
 
0.53
%
 
1.33
%
 
1.73
%
 
-3.29%***

 
(4.07
)%
 
(4.02
)%
 
1.06
%
 
2.9
%
 
3.55
%
 
4.28
%
   Ratio of Expenses **
 
0.85
%
 
0.85
%
 
0.85
%
 
0.85
%
 
0.85
 %
 
0.85
 %
 
0.85
%
 
0.85
%
 
0.85
%
 
0.85
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
9.942871

 
$
10.121845

 
$
11.159072

 
$
9.744378

 
$
10.131797

 
$
9.952817

 
$
9.674418

 
$
11.645683

 
$
11.458072

 
$
10.148979

   Total Return *
 
0.91%***

 
4.84%***

 
7.71
%
 
-0.62%***

 
1.32%***

 
0.26%***

 
2.00%***

 
14.38
%
 
11.66
%
 
1.24
%
   Ratio of Expenses **
 
0.85
%
 
0.85
%
 
0.85
%
 
1.00
%
 
0.85
 %
 
0.85
 %
 
0.85
%
 
0.85
%
 
0.85
%
 
0.85
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
 n/a

 
 n/a

 
$
10.360450

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
$
10.181703

 
$
10.261265

 
$
10.025057

   Total Return *
 
n/a

 
n/a

 
7.36%***

 
n/a

 
n/a

 
n/a

 
n/a

 
0.56%***

 
2.33%***

 
2.20%***

   Ratio of Expenses **
 
n/a

 
n/a

 
0.85
%
 
n/a

 
n/a

 
n/a

 
n/a

 
0.85
%
 
0.85
%
 
0.85
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

   Total Return *
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

   Ratio of Expenses **
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations February 6, 2012.
(b) Commencement of operations April 29, 2013.
(c) The period is from January 1, 2015 through April 27, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements. Unit values disclosed are as of April 24, 2015.


85
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CG - Alt 100 Conservative Fund (b) (c)
 
CG - Alt 100 Growth Fund (b) (c)
 
CG - Institutional Alt 65 Fund (a) (c)
 
CG - International Conservative Fund (b) (c)
 
CG - International Growth Fund (b) (c)
 
CG - International Moderate Fund (b) (c)
 
CG - Multi-Strategy Income Fund (b) (c)
 
CG - Tactical Maximum Growth Fund (a) (c)
 
CG - Tactical Moderate Growth Fund (a) (c)
 
Curian Dynamic Risk Advantage - Diversified Fund (a) (c)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Division data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

   Units Outstanding (in thousands)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

   Investment Income Ratio *
 
1.13
%
 
1.60
%
 
1.71
%
 
0.62
%
 
1.06
%
 
1.07
%
 
1.45
%
 
1.43
%
 
1.11
%
 
0.49
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
34,297

 
$
104,198

 
$
124,348

 
$
4,659

 
$
7,728

 
$
10,278

 
$
37,647

 
$
92,147

 
$
287,493

 
$
244,166

   Units Outstanding (in thousands)
 
3,444

 
10,192

 
11,019

 
494

 
798

 
1,080

 
3,865

 
7,729

 
24,366

 
23,214

   Investment Income Ratio *
 
0.55
%
 
0.84
%
 
0.83
%
 
1.06
%
 
0.72
%
 
1.12
%
 
1.66
%
 
0.55
%
 
0.87
%
 
0.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
17,739

 
$
37,070

 
$
107,396

 
$
1,844

 
$
4,524

 
$
4,825

 
$
20,207

 
$
66,139

 
$
228,188

 
$
238,700

   Units Outstanding (in thousands)
 
1,787

 
3,667

 
9,662

 
189

 
447

 
485

 
2,092

 
5,698

 
19,989

 
23,618

   Investment Income Ratio *
 
0.00
%
 
0.00
%
 
0.17
%
 
0.00
%
 
0.00
%
 
0.00
%
 
0.00
%
 
0.00
%
 
0.38
%
 
0.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
 n/a

 
 n/a

 
$
46,331

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
$
19,798

 
$
69,877

 
$
98,448

   Units Outstanding (in thousands)
 
n/a

 
n/a

 
4,480

 
n/a

 
n/a

 
n/a

 
n/a

 
1,948

 
6,823

 
9,840

   Investment Income Ratio *
 
n/a

 
n/a

 
0.00
%
 
n/a

 
n/a

 
n/a

 
n/a

 
0.00
%
 
0.00
%
 
0.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

   Units Outstanding (in thousands)
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

   Investment Income Ratio *
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*    These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations February 6, 2012.
(b) Commencement of operations April 29, 2013.
(c) The period is from January 1, 2015 through April 27, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements.


86
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Curian Dynamic Risk Advantage - Growth Fund (a) (c)
 
Curian Dynamic Risk Advantage - Income Fund (a) (c)
 
Curian/Aberdeen Latin America Fund (b) (c)
 
Curian/Ashmore Emerging Market Small Cap Equity Fund (b) (c)
 
Curian/Baring International Fixed Income Fund (b) (c)
 
Curian/ CenterSquare International Real Estate Securities Fund (b) (c)
 
Curian/PineBridge Merger Arbitrage Fund (a) (c)
 
Curian/Schroder Emerging Europe Fund (b) (c)
 
Curian/UBS Global Long Short Fixed Income Opportunities Fund (b) (c)
 
JG - Alt 100 Fund (a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Highest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
9.253789

 
$
11.130602

 
$
6.601272

 
$
10.330048

 
$
8.903463

 
$
9.792517

 
$
9.657047

 
$
8.026638

 
$
9.424801

 
$
10.175192

   Total Return *
 
3.18
 %
 
1.45
%
 
(4.28
)%
 
12.11
 %
 
(3.02
)%
 
6.26
 %
 
(0.28
)%
 
8.27
 %
 
1.09
 %
 
(2.93
)%
   Ratio of Expenses **
 
1.25
 %
 
1.25
%
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
8.968955

 
$
10.971928

 
$
6.896162

 
$
9.214513

 
$
9.180810

 
$
9.215906

 
$
9.684090

 
$
7.413804

 
$
9.322874

 
$
10.481856

   Total Return *
 
(5.40
)%
 
6.82
%
 
(16.52
)%
 
(10.67
)%
 
(3.80
)%
 
(0.46
)%
 
(1.83
)%
 
(28.14
)%
 
(5.61
)%
 
1.00
 %
   Ratio of Expenses **
 
1.25
 %
 
1.25
%
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
9.481418

 
$
10.271724

 
$
8.260382

 
$
10.314606

 
$
9.543746

 
$
9.258153

 
$
9.864683

 
$
10.316294

 
$
9.876458

 
$
10.377791

   Total Return *
 
0.51
 %
 
0.17
%
 
-17.40%***

 
2.64%***

 
-4.56%***

 
-7.42%***

 
(1.03
)%
 
3.17%***

 
-1.31%***

 
2.59
 %
   Ratio of Expenses **
 
1.25
 %
 
1.25
%
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
9.433605

 
$
10.254370

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
$
9.967386

 
 n/a

 
 n/a

 
$
10.115887

   Total Return *
 
-6.27%***

 
1.96%***

 
n/a

 
n/a

 
n/a

 
n/a

 
-0.41%***

 
n/a

 
n/a

 
1.38%***

   Ratio of Expenses **
 
1.25
 %
 
1.25
%
 
n/a

 
n/a

 
n/a

 
n/a

 
1.25
 %
 
n/a

 
n/a

 
1.25
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

   Total Return *
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

   Ratio of Expenses **
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations February 6, 2012.
(b) Commencement of operations April 29, 2013.
(c) The period is from January 1, 2015 through April 27, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements. Unit values disclosed are as of April 24, 2015.

87
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Curian Dynamic Risk Advantage - Growth Fund (a) (c)
 
Curian Dynamic Risk Advantage - Income Fund (a) (c)
 
Curian/Aberdeen Latin America Fund (b) (c)
 
Curian/Ashmore Emerging Market Small Cap Equity Fund (b) (c)
 
Curian/Baring International Fixed Income Fund (b) (c)
 
Curian/ CenterSquare International Real Estate Securities Fund (b) (c)
 
Curian/PineBridge Merger Arbitrage Fund (a) (c)
 
Curian/Schroder Emerging Europe Fund (b) (c)
 
Curian/UBS Global Long Short Fixed Income Opportunities Fund (b) (c)
 
JG - Alt 100 Fund (a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lowest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
9.373151

 
$
11.274470

 
$
6.653466

 
$
10.412483

 
$
8.974418

 
$
9.870715

 
$
9.781765

 
$
8.090672

 
$
9.499972

 
$
10.334826

   Total Return *
 
3.30
 %
 
1.57
%
 
(4.16
)%
 
12.25
 %
 
(2.90
)%
 
6.39
%
 
(0.15
)%
 
8.40
 %
 
1.22
 %
 
(2.54
)%
   Ratio of Expenses **
 
0.85
 %
 
0.85
%
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
%
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
9.073296

 
$
11.099876

 
$
6.942013

 
$
9.276444

 
$
9.242422

 
$
9.277903

 
$
9.796913

 
$
7.463620

 
$
9.385498

 
$
10.603814

   Total Return *
 
(5.03
)%
 
7.25
%
 
(16.18
)%
 
(10.31
)%
 
(3.42
)%
 
-3.13%***

 
(1.44
)%
 
(27.85
)%
 
(5.23
)%
 
1.41
 %
   Ratio of Expenses **
 
0.85
 %
 
0.85
%
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
%
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
9.553428

 
$
10.350015

 
$
8.282110

 
$
10.342473

 
$
9.569436

 
$
9.273814

 
$
9.939768

 
$
10.344151

 
$
9.903103

 
$
10.456632

   Total Return *
 
0.91
 %
 
0.57
%
 
-16.31%***

 
17.95%***

 
-1.59%***

 
-6.98%***

 
(0.63
)%
 
10.61%***

 
-1.88%***

 
3.00
 %
   Ratio of Expenses **
 
0.85
 %
 
0.85
%
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
1.00
%
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
9.467308

 
$
10.291284

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
$
10.003149

 
 n/a

 
 n/a

 
$
10.152050

   Total Return *
 
-2.40%***

 
4.56%***

 
n/a

 
n/a

 
n/a

 
n/a

 
-0.01%***

 
n/a

 
n/a

 
5.94%***

   Ratio of Expenses **
 
0.85
 %
 
0.85
%
 
n/a

 
n/a

 
n/a

 
n/a

 
0.85
 %
 
n/a

 
n/a

 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

   Total Return *
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

   Ratio of Expenses **
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations February 6, 2012.
(b) Commencement of operations April 29, 2013.
(c) The period is from January 1, 2015 through April 27, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements. Unit values disclosed are as of April 24, 2015.

88
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Curian Dynamic Risk Advantage - Growth Fund (a) (c)
 
Curian Dynamic Risk Advantage - Income Fund (a) (c)
 
Curian/Aberdeen Latin America Fund (b) (c)
 
Curian/Ashmore Emerging Market Small Cap Equity Fund (b) (c)
 
Curian/Baring International Fixed Income Fund (b) (c)
 
Curian/ CenterSquare International Real Estate Securities Fund (b) (c)
 
Curian/PineBridge Merger Arbitrage Fund (a) (c)
 
Curian/Schroder Emerging Europe Fund (b) (c)
 
Curian/UBS Global Long Short Fixed Income Opportunities Fund (b) (c)
 
JG - Alt 100 Fund (a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Division data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
445,497

   Units Outstanding (in thousands)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
43,427

   Investment Income Ratio *
 
0.00
%
 
2.43
%
 
0.01
%
 
0.21
%
 
0.00
%
 
0.78
%
 
0.00
%
 
0.00
%
 
3.42
%
 
1.15
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
57,556

 
$
173,807

 
$
1,628

 
$
3,354

 
$
3,892

 
$
7,555

 
$
65,411

 
$
2,421

 
$
14,946

 
$
330,093

   Units Outstanding (in thousands)
 
6,377

 
15,762

 
235

 
363

 
423

 
817

 
6,716

 
325

 
1,599

 
31,305

   Investment Income Ratio *
 
0.00
%
 
2.02
%
 
1.14
%
 
0.02
%
 
0.02
%
 
4.21
%
 
0.00
%
 
3.11
%
 
0.00
%
 
1.09
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
55,489

 
$
149,064

 
$
1,216

 
$
1,527

 
$
1,210

 
$
3,064

 
$
63,826

 
$
1,539

 
$
7,720

 
$
275,260

   Units Outstanding (in thousands)
 
5,830

 
14,466

 
147

 
148

 
127

 
331

 
6,448

 
149

 
781

 
26,425

   Investment Income Ratio *
 
0.00
%
 
0.00
%
 
1.07
%
 
0.04
%
 
1.34
%
 
3.03
%
 
0.00
%
 
2.80
%
 
0.00
%
 
0.03
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
19,136

 
$
72,577

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
$
26,942

 
 n/a

 
 n/a

 
$
135,531

   Units Outstanding (in thousands)
 
2,025

 
7,067

 
n/a

 
n/a

 
n/a

 
n/a

 
2,699

 
n/a

 
n/a

 
13,376

   Investment Income Ratio *
 
0.00
%
 
2.78
%
 
n/a

 
n/a

 
n/a

 
n/a

 
0.00
%
 
n/a

 
n/a

 
0.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

   Units Outstanding (in thousands)
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

   Investment Income Ratio *
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*    These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations February 6, 2012.
(b) Commencement of operations April 29, 2013.
(c) The period is from January 1, 2015 through April 27, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements.


89
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JG - Conservative Fund (a)
 
JG - Equity 100 Fund (b)
 
JG - Equity Income Fund (a) (d)
 
JG - Fixed Income 100 Fund (b)
 
JG - Growth Fund (c)
 
JG - Interest Rate Opportunities Fund (c)
 
JG - Maximum Growth Fund (a)
 
JG - Moderate Fund (a)
 
JG - Moderate Growth Fund (a)
 
JG - Real Assets Fund (c)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Highest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.399287

 
$
13.036304

 
$
11.785648

 
$
9.438324

 
$
10.935398

 
$
9.241220

 
$
12.078427

 
$
11.509692

 
$
11.513522

 
$
8.333269

   Total Return *
 
(2.92
)%
 
(2.47
)%
 
(8.17
)%
 
(3.31
)%
 
(2.01
)%
 
(5.10
)%
 
(2.55
)%
 
(2.56
)%
 
(2.56
)%
 
(12.60
)%
   Ratio of Expenses **
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.712563

 
$
13.365997

 
$
12.833639

 
$
9.761038

 
$
11.159155

 
$
9.737764

 
$
12.393887

 
$
11.811656

 
$
11.816159

 
$
9.534736

   Total Return *
 
2.43
 %
 
3.53
 %
 
7.27
 %
 
0.87
 %
 
2.87
 %
 
(0.20
)%
 
2.96
 %
 
2.42
 %
 
2.82
 %
 
(2.88
)%
   Ratio of Expenses **
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.458910

 
$
12.909766

 
$
11.964132

 
$
9.676527

 
$
10.848221

 
$
9.757449

 
$
12.036999

 
$
11.532390

 
$
11.492164

 
$
9.817049

   Total Return *
 
(0.40
)%
 
25.57
 %
 
15.34
 %
 
(3.63
)%
 
6.60%***

 
-2.42%***

 
17.30
 %
 
10.76
 %
 
10.37
 %
 
-2.22%***

   Ratio of Expenses **
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.501283

 
$
10.280954

 
$
10.372755

 
$
10.041477

 
 n/a

 
 n/a

 
$
10.261285

 
$
10.412286

 
$
10.412310

 
 n/a

   Total Return *
 
5.20%***

 
1.76%***

 
2.32%***

 
0.64%***

 
n/a

 
n/a

 
1.55%***

 
3.07%***

 
2.82%***

 
n/a

   Ratio of Expenses **
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
n/a

 
n/a

 
1.25
 %
 
1.25
 %
 
1.25
 %
 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

   Total Return *
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

   Ratio of Expenses **
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations February 6, 2012.
(b) Commencement of operations September 10, 2012.
(c) Commencement of operations April 29, 2013.
(d) The period is from January 1, 2015 through September 28, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements. Unit values disclosed are as of September 25, 2015.

90
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JG - Conservative Fund (a)
 
JG - Equity 100 Fund (b)
 
JG - Equity Income Fund (a) (d)
 
JG - Fixed Income 100 Fund (b)
 
JG - Growth Fund (c)
 
JG - Interest Rate Opportunities Fund (c)
 
JG - Maximum Growth Fund (a)
 
JG - Moderate Fund (a)
 
JG - Moderate Growth Fund (a)
 
JG - Real Assets Fund (c)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lowest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.562722

 
$
13.209312

 
$
11.957961

 
$
9.563943

 
$
11.052977

 
$
9.340594

 
$
12.271440

 
$
11.690572

 
$
11.694482

 
$
8.422776

   Total Return *
 
-2.54
 %
 
-2.08
 %
 
-7.90
 %
 
-2.92
 %
 
-1.61
 %
 
-4.72
 %
 
-2.15
 %
 
-2.17
 %
 
-2.17
 %
 
-12.25
 %
   Ratio of Expenses **
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.837483

 
$
13.489320

 
$
12.983096

 
$
9.851467

 
$
11.234131

 
$
9.803181

 
$
12.541681

 
$
11.949381

 
$
11.953965

 
$
9.598681

   Total Return *
 
2.84
 %
 
3.95
 %
 
7.70
 %
 
1.28
 %
 
3.28
 %
 
0.20
 %
 
3.38
 %
 
2.83
 %
 
3.23
 %
 
-2.04%***

   Ratio of Expenses **
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.538630

 
$
12.976876

 
$
12.055147

 
$
9.727185

 
$
10.877509

 
$
9.783791

 
$
12.131900

 
$
11.620290

 
$
11.579777

 
$
9.833508

   Total Return *
 
0.00
 %
 
26.07
 %
 
11.94%***

 
-2.97%***

 
7.44%***

 
0.65%***

 
17.78
 %
 
11.20
 %
 
10.81
 %
 
-3.00%***

   Ratio of Expenses **
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.539085

 
$
10.293138

 
$
10.396103

 
$
10.049198

 
 n/a

 
 n/a

 
$
10.300908

 
$
10.449759

 
$
10.449811

 
 n/a

   Total Return *
 
6.22%***

 
2.62%***

 
2.47%***

 
0.52%***

 
n/a

 
n/a

 
6.31%***

 
5.03%***

 
2.98%***

 
n/a

   Ratio of Expenses **
 
0.85
 %
 
0.85
 %
 
1.00
 %
 
1.00
 %
 
n/a

 
n/a

 
0.85
 %
 
0.85
 %
 
0.85
 %
 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

   Total Return *
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

   Ratio of Expenses **
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations February 6, 2012.
(b) Commencement of operations September 10, 2012.
(c) Commencement of operations April 29, 2013.
(d) The period is from January 1, 2015 through September 28, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements. Unit values disclosed are as of September 25, 2015.

91
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JG - Conservative Fund (a)
 
JG - Equity 100 Fund (b)
 
JG - Equity Income Fund (a) (d)
 
JG - Fixed Income 100 Fund (b)
 
JG - Growth Fund (c)
 
JG - Interest Rate Opportunities Fund (c)
 
JG - Maximum Growth Fund (a)
 
JG - Moderate Fund (a)
 
JG - Moderate Growth Fund (a)
 
JG - Real Assets Fund (c)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Division data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
122,256

 
$
81,461

 
$
—

 
$
71,862

 
$
240,234

 
$
45,565

 
$
219,743

 
$
398,190

 
$
812,819

 
$
9,036

   Units Outstanding (in thousands)
 
11,686

 
6,203

 
—

 
7,567

 
21,832

 
4,906

 
18,028

 
34,343

 
70,035

 
1,078

   Investment Income Ratio *
 
1.17
%
 
2.26
%
 
1.04
%
 
1.19
%
 
1.54
%
 
0.97
%
 
1.32
%
 
1.57
%
 
1.29
%
 
0.63
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
97,608

 
$
78,822

 
$
62,045

 
$
44,387

 
$
156,055

 
$
47,997

 
$
113,732

 
$
334,274

 
$
476,811

 
$
10,920

   Units Outstanding (in thousands)
 
9,073

 
5,868

 
4,809

 
4,527

 
13,932

 
4,914

 
9,114

 
28,148

 
40,122

 
1,142

   Investment Income Ratio *
 
0.84
%
 
0.60
%
 
3.93
%
 
1.47
%
 
0.47
%
 
1.65
%
 
0.66
%
 
0.77
%
 
0.71
%
 
1.12
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
55,255

 
$
49,262

 
$
43,192

 
$
22,059

 
$
43,816

 
$
28,938

 
$
65,551

 
$
172,059

 
$
252,989

 
$
4,999

   Units Outstanding (in thousands)
 
5,268

 
3,806

 
3,599

 
2,275

 
4,033

 
2,962

 
5,422

 
14,870

 
21,932

 
509

   Investment Income Ratio *
 
0.74
%
 
0.11
%
 
0.49
%
 
0.55
%
 
0.00
%
 
0.00
%
 
0.17
%
 
0.47
%
 
0.19
%
 
0.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
24,477

 
$
3,443

 
$
16,286

 
$
6,020

 
 n/a

 
 n/a

 
$
20,322

 
$
47,535

 
$
65,697

 
 n/a

   Units Outstanding (in thousands)
 
2,328

 
335

 
1,568

 
599

 
n/a

 
n/a

 
1,976

 
4,559

 
6,299

 
n/a

   Investment Income Ratio *
 
0.00
%
 
0.00
%
 
0.00
%
 
0.00
%
 
n/a

 
n/a

 
0.00
%
 
0.00
%
 
0.00
%
 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

   Units Outstanding (in thousands)
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

   Investment Income Ratio *
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*    These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations February 6, 2012.
(b) Commencement of operations September 10, 2012.
(c) Commencement of operations April 29, 2013.
(d) The period is from January 1, 2015 through September 28, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements.


92
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL Tactical ETF Conservative Fund (a)
 
JNL Tactical ETF Growth Fund (a)
 
JNL Tactical ETF Moderate Fund (a)
 
JNL/American Funds Global Growth Fund (d)
 
JNL/American Funds Growth Fund (a)
 
JNL/AQR Risk Parity Fund (d)
 
JNL/BlackRock Global Long Short Credit Fund (c)
 
JNL/DFA U.S. Micro Cap Fund (b)
 
JNL/DoubleLine Total Return Fund (d)
 
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund (c)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Highest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
11.057208

 
$
12.539343

 
$
11.940606

 
$
11.632284

 
$
15.134295

 
$
9.465234

 
$
9.750821

 
$
13.531640

 
$
10.155898

 
$
9.835862

   Total Return *
 
-0.97
 %
 
-1.24
 %
 
-1.09
 %
 
5.30
%
 
5.12
%
 
-11.42
 %
 
-2.57
 %
 
-6.02
 %
 
-0.16%***

 
0.74
%
   Ratio of Expenses **
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
%
 
1.25
%
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
2.80
%
 
1.25
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
11.165427

 
$
12.696731

 
$
12.072145

 
$
11.046628

 
$
14.397281

 
$
10.686030

 
$
10.008361

 
$
14.398327

 
$
10.478400

 
$
9.763453

   Total Return *
 
2.74
 %
 
3.26
 %
 
3.23
 %
 
0.79
%
 
6.64
%
 
6.61
 %
 
-0.07
 %
 
0.78
 %
 
5.17
%
 
3.43
%
   Ratio of Expenses **
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
%
 
1.25
%
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
%
 
1.25
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.868074

 
$
12.295763

 
$
11.694230

 
$
10.960118

 
$
13.500581

 
$
10.023542

 
$
10.015265

 
$
14.286592

 
$
9.963764

 
$
9.440043

   Total Return *
 
5.27
 %
 
17.00
 %
 
12.29
 %
 
7.92%***

 
27.84
%
 
-1.04%***

 
0.38%***

 
41.85
 %
 
-0.35%***

 
-5.95%***

   Ratio of Expenses **
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
%
 
1.25
%
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
%
 
1.25
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.323527

 
$
10.508906

 
$
10.413978

 
 n/a

 
$
10.560434

 
 n/a

 
 n/a

 
$
10.071414

 
 n/a

 
 n/a

   Total Return *
 
2.59%***

 
3.28%***

 
2.53%***

 
n/a

 
4.07%***

 
n/a

 
n/a

 
0.79%***

 
n/a

 
n/a

   Ratio of Expenses **
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
n/a

 
1.25
%
 
n/a

 
n/a

 
1.25
 %
 
n/a

 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

   Total Return *
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

   Ratio of Expenses **
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations February 6, 2012.
(b) Commencement of operations September 10, 2012.
(c) Commencement of operations April 29, 2013.
(d) Commencement of operations September 16, 2013.

93
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL Tactical ETF Conservative Fund (a)
 
JNL Tactical ETF Growth Fund (a)
 
JNL Tactical ETF Moderate Fund (a)
 
JNL/American Funds Global Growth Fund (d)
 
JNL/American Funds Growth Fund (a)
 
JNL/AQR Risk Parity Fund (d)
 
JNL/BlackRock Global Long Short Credit Fund (c)
 
JNL/DFA U.S. Micro Cap Fund (b)
 
JNL/DoubleLine Total Return Fund (d)
 
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund (c)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lowest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
11.230964

 
$
12.736376

 
$
12.128231

 
$
11.739379

 
$
15.372230

 
$
9.552346

 
$
9.855675

 
$
13.711595

 
$
10.619879

 
$
9.941723

   Total Return *
 
-0.57
 %
 
-0.84
 %
 
-0.69
 %
 
5.72
%
 
5.54
%
 
-11.07
 %
 
-2.18
 %
 
-5.64
 %
 
0.83
%
 
1.15
%
   Ratio of Expenses **
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
%
 
0.85
%
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
%
 
0.85
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
11.295623

 
$
12.844747

 
$
12.212884

 
$
11.103818

 
$
14.565242

 
$
10.741330

 
$
10.075609

 
$
14.531571

 
$
10.532615

 
$
9.829141

   Total Return *
 
3.15
 %
 
3.67
 %
 
3.65
 %
 
1.19
%
 
7.07
%
 
7.16%***

 
0.33
 %
 
1.19
 %
 
5.59
%
 
3.84
%
   Ratio of Expenses **
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
%
 
0.85
%
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
%
 
0.85
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.950909

 
$
12.389453

 
$
11.783332

 
$
10.972881

 
$
13.603559

 
$
10.030850

 
$
10.042304

 
$
14.361241

 
$
9.975345

 
$
9.465616

   Total Return *
 
5.70
 %
 
17.47
 %
 
12.74
 %
 
5.73%***

 
28.35
%
 
-0.97%***

 
0.47%***

 
38.46%***

 
-1.43%***

 
-1.37%***

   Ratio of Expenses **
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
%
 
0.85
%
 
1.00
 %
 
0.85
 %
 
0.85
 %
 
0.85
%
 
0.85
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.360690

 
$
10.546713

 
$
10.451438

 
 n/a

 
$
10.598506

 
 n/a

 
 n/a

 
$
10.079232

 
 n/a

 
 n/a

   Total Return *
 
5.48%***

 
7.02%***

 
7.21%***

 
n/a

 
1.54%***

 
n/a

 
n/a

 
3.60%***

 
n/a

 
n/a

   Ratio of Expenses **
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
n/a

 
0.85
%
 
n/a

 
n/a

 
1.00
 %
 
n/a

 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

   Total Return *
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

   Ratio of Expenses **
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations February 6, 2012.
(b) Commencement of operations September 10, 2012.
(c) Commencement of operations April 29, 2013.
(d) Commencement of operations September 16, 2013.

94
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL Tactical ETF Conservative Fund (a)
 
JNL Tactical ETF Growth Fund (a)
 
JNL Tactical ETF Moderate Fund (a)
 
JNL/American Funds Global Growth Fund (d)
 
JNL/American Funds Growth Fund (a)
 
JNL/AQR Risk Parity Fund (d)
 
JNL/BlackRock Global Long Short Credit Fund (c)
 
JNL/DFA U.S. Micro Cap Fund (b)
 
JNL/DoubleLine Total Return Fund (d)
 
JNL/Eaton Vance Global Macro Absolute Return Advantage Fund (c)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Division data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
75,313

 
$
134,332

 
$
175,370

 
$
91,115

 
$
172,664

 
$
25,094

 
$
67,176

 
$
36,079

 
$
364,627

 
$
34,211

   Units Outstanding (in thousands)
 
6,767

 
10,622

 
14,575

 
7,793

 
11,313

 
2,638

 
6,854

 
2,648

 
34,644

 
3,460

   Investment Income Ratio *
 
1.24
%
 
1.17
%
 
1.11
%
 
0.44
%
 
0.56
%
 
37.31
%
 
5.34
%
 
0.00
%
 
2.95
%
 
8.24
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
45,820

 
$
98,243

 
$
109,628

 
$
31,092

 
$
98,155

 
$
19,065

 
$
53,933

 
$
33,715

 
$
68,289

 
$
14,150

   Units Outstanding (in thousands)
 
4,083

 
7,688

 
9,033

 
2,807

 
6,775

 
1,780

 
5,373

 
2,331

 
6,500

 
1,445

   Investment Income Ratio *
 
0.86
%
 
0.67
%
 
0.72
%
 
0.23
%
 
0.28
%
 
0.00
%
 
0.00
%
 
0.00
%
 
0.57
%
 
0.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
32,732

 
$
70,581

 
$
80,235

 
$
5,063

 
$
45,214

 
$
1,348

 
$
22,308

 
$
16,188

 
$
5,167

 
$
7,451

   Units Outstanding (in thousands)
 
3,002

 
5,718

 
6,837

 
462

 
3,335

 
134

 
2,225

 
1,130

 
518

 
789

   Investment Income Ratio *
 
0.00
%
 
0.00
%
 
0.00
%
 
0.00
%
 
0.19
%
 
0.00
%
 
0.00
%
 
1.14
%
 
0.00
%
 
0.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
16,474

 
$
21,517

 
$
23,236

 
 n/a

 
$
9,870

 
 n/a

 
 n/a

 
$
508

 
 n/a

 
 n/a

   Units Outstanding (in thousands)
 
1,593

 
2,044

 
2,228

 
n/a

 
933

 
n/a

 
n/a

 
50

 
n/a

 
n/a

   Investment Income Ratio *
 
2.03
%
 
2.12
%
 
2.11
%
 
n/a

 
0.00
%
 
n/a

 
n/a

 
0.00
%
 
n/a

 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

   Units Outstanding (in thousands)
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

   Investment Income Ratio *
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*    These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations February 6, 2012.
(b) Commencement of operations September 10, 2012.
(c) Commencement of operations April 29, 2013.
(d) Commencement of operations September 16, 2013.


95
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/Epoch Global Shareholder Yield Fund (a)
 
JNL/FAMCO Flex Core Covered Call Fund (a)
 
JNL/Franklin Templeton Natural Resources Fund (a) (e)
 
JNL/Lazard International Strategic Equity Fund (c)
 
JNL/MC Frontier Markets 100 Index Fund (b)
 
JNL/Neuberger Berman Currency Fund (b)
 
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund (d)
 
JNL/Nicholas Convertible Arbitrage Fund (a)
 
JNL/PIMCO Credit Income Fund (a)
 
JNL/PPM America Long Short Credit Fund (c)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Highest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
12.682036

 
$
11.629602

 
$
5.724074

 
$
11.546103

 
$
8.577498

 
$
10.011504

 
$
5.679797

 
$
9.695177

 
$
10.022226

 
$
9.331998

   Total Return *
 
-6.17
 %
 
-4.41
 %
 
-22.34
 %
 
3.11
 %
 
-15.99
 %
 
0.62
 %
 
-26.00
 %
 
-4.16
 %
 
-0.16%***

 
-4.94
 %
   Ratio of Expenses **
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
2.80
 %
 
1.25
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
13.515623

 
$
12.166470

 
$
7.370775

 
$
11.197435

 
$
10.210372

 
$
9.949394

 
$
7.674929

 
$
10.116505

 
$
10.884088

 
$
9.816534

   Total Return *
 
4.74
 %
 
7.49
 %
 
-21.58
 %
 
-2.65
 %
 
-16.03
 %
 
2.08
 %
 
-23.25%***

 
-2.30
 %
 
6.28
 %
 
-2.66
 %
   Ratio of Expenses **
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
12.904367

 
$
11.319214

 
$
9.399502

 
$
11.501897

 
$
12.159927

 
$
9.746359

 
 n/a

 
$
10.354623

 
$
10.241245

 
$
10.084594

   Total Return *
 
21.80
 %
 
11.31
 %
 
7.30
 %
 
12.70%***

 
16.92
 %
 
-3.13
 %
 
n/a

 
2.06
 %
 
-2.92
 %
 
0.77%***

   Ratio of Expenses **
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
n/a

 
1.25
 %
 
1.25
 %
 
1.25
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.595041

 
$
10.169345

 
$
8.760391

 
 n/a

 
$
10.400205

 
$
10.061519

 
 n/a

 
$
10.145496

 
$
10.549088

 
 n/a

   Total Return *
 
2.34%***

 
0.51%***

 
-10.04%***

 
n/a

 
4.52%***

 
0.62%***

 
n/a

 
1.68%***

 
6.40%***

 
n/a

   Ratio of Expenses **
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
n/a

 
1.25
 %
 
1.25
 %
 
n/a

 
1.25
 %
 
1.25
 %
 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

   Total Return *
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

   Ratio of Expenses **
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations February 6, 2012.
(b) Commencement of operations September 10, 2012.
(c) Commencement of operations April 29, 2013.
(d) Commencement of operations April 28, 2014.
(e) The period is from January 1, 2015 through September 28, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements. Unit values disclosed are as of September 25, 2015.

96
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/Epoch Global Shareholder Yield Fund (a)
 
JNL/FAMCO Flex Core Covered Call Fund (a)
 
JNL/Franklin Templeton Natural Resources Fund (a) (e)
 
JNL/Lazard International Strategic Equity Fund (c)
 
JNL/MC Frontier Markets 100 Index Fund (b)
 
JNL/Neuberger Berman Currency Fund (b)
 
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund (d)
 
JNL/Nicholas Convertible Arbitrage Fund (a)
 
JNL/PIMCO Credit Income Fund (a)
 
JNL/PPM America Long Short Credit Fund (c)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lowest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
12.881138

 
$
11.812217

 
$
5.807658

 
$
11.670957

 
$
8.691582

 
$
10.144651

 
$
5.717924

 
$
9.847269

 
$
10.814533

 
$
9.432416

   Total Return *
 
-5.79
 %
 
-4.03
 %
 
-22.11
 %
 
3.53
 %
 
-15.66
 %
 
1.03
 %
 
-25.70
 %
 
-3.78
 %
 
-1.78
 %
 
-4.55
 %
   Ratio of Expenses **
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
13.673002

 
$
12.308186

 
$
7.456477

 
$
11.273334

 
$
10.304870

 
$
10.041467

 
$
7.695611

 
$
10.234182

 
$
11.011005

 
$
9.882562

   Total Return *
 
5.16
 %
 
7.92
 %
 
-21.27
 %
 
-2.26
 %
 
-15.70
 %
 
2.49
 %
 
-23.15%***

 
-1.91
 %
 
6.70
 %
 
-2.27
 %
   Ratio of Expenses **
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
13.002517

 
$
11.405341

 
$
9.470833

 
$
11.533634

 
$
12.223473

 
$
9.797282

 
 n/a

 
$
10.433262

 
$
10.319305

 
$
10.111898

   Total Return *
 
22.28
 %
 
11.75
 %
 
7.73
 %
 
17.39%***

 
17.39
 %
 
-2.74
 %
 
n/a

 
2.47
 %
 
-2.53
 %
 
4.42%***

   Ratio of Expenses **
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
n/a

 
0.85
 %
 
0.85
 %
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.633015

 
$
10.205813

 
$
8.791627

 
 n/a

 
$
10.412815

 
$
10.073701

 
 n/a

 
$
10.181738

 
$
10.587055

 
 n/a

   Total Return *
 
9.59%***

 
-2.44%***

 
14.55%***

 
n/a

 
2.52%***

 
-0.13%***

 
n/a

 
0.43%***

 
5.12%***

 
n/a

   Ratio of Expenses **
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
n/a

 
0.85
 %
 
0.85
 %
 
n/a

 
0.85
 %
 
0.85
 %
 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

   Total Return *
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

   Ratio of Expenses **
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations February 6, 2012.
(b) Commencement of operations September 10, 2012.
(c) Commencement of operations April 29, 2013.
(d) Commencement of operations April 28, 2014.
(e) The period is from January 1, 2015 through September 28, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements. Unit values disclosed are as of September 25, 2015.

97
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/Epoch Global Shareholder Yield Fund (a)
 
JNL/FAMCO Flex Core Covered Call Fund (a)
 
JNL/Franklin Templeton Natural Resources Fund (a) (e)
 
JNL/Lazard International Strategic Equity Fund (c)
 
JNL/MC Frontier Markets 100 Index Fund (b)
 
JNL/Neuberger Berman Currency Fund (b)
 
JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund (d)
 
JNL/Nicholas Convertible Arbitrage Fund (a)
 
JNL/PIMCO Credit Income Fund (a)
 
JNL/PPM America Long Short Credit Fund (c)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Division data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
27,780

 
$
120,656

 
$
—

 
$
43,939

 
$
15,623

 
$
12,350

 
$
5,281

 
$
101,148

 
$
59,545

 
$
14,027

   Units Outstanding (in thousands)
 
2,173

 
10,296

 
—

 
3,781

 
1,808

 
1,226

 
926

 
10,352

 
5,569

 
1,497

   Investment Income Ratio *
 
1.73
%
 
1.85
%
 
3.31
%
 
1.05
%
 
17.30
%
 
1.73
%
 
0.00
%
 
1.18
%
 
2.46
%
 
3.94
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
26,393

 
$
106,385

 
$
26,805

 
$
14,613

 
$
17,185

 
$
14,461

 
$
3,124

 
$
64,332

 
$
34,347

 
$
12,693

   Units Outstanding (in thousands)
 
1,942

 
8,696

 
3,616

 
1,300

 
1,675

 
1,448

 
407

 
6,324

 
3,138

 
1,290

   Investment Income Ratio *
 
0.00
%
 
0.03
%
 
0.00
%
 
0.00
%
 
4.34
%
 
0.00
%
 
0.00
%
 
0.88
%
 
0.05
%
 
2.20
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
15,590

 
$
59,229

 
$
19,294

 
$
3,438

 
$
10,524

 
$
10,984

 
 n/a

 
$
40,484

 
$
19,395

 
$
5,576

   Units Outstanding (in thousands)
 
1,204

 
5,215

 
2,045

 
298

 
863

 
1,124

 
n/a

 
3,897

 
1,887

 
552

   Investment Income Ratio *
 
5.64
%
 
1.99
%
 
0.00
%
 
0.00
%
 
0.00
%
 
1.40
%
 
n/a

 
0.01
%
 
1.86
%
 
0.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
1,648

 
$
14,885

 
$
6,510

 
 n/a

 
$
497

 
$
3,768

 
 n/a

 
$
12,035

 
$
12,982

 
 n/a

   Units Outstanding (in thousands)
 
155

 
1,461

 
742

 
n/a

 
48

 
374

 
n/a

 
1,184

 
1,229

 
n/a

   Investment Income Ratio *
 
3.09
%
 
2.32
%
 
1.24
%
 
n/a

 
0.00
%
 
0.00
%
 
n/a

 
0.00
%
 
2.20
%
 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

   Units Outstanding (in thousands)
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

   Investment Income Ratio *
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*    These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations February 6, 2012.
(b) Commencement of operations September 10, 2012.
(c) Commencement of operations April 29, 2013.
(d) Commencement of operations April 28, 2014.
(e) The period is from January 1, 2015 through September 28, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements.

98
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/T. Rowe Price Capital Appreciation Fund (c)
 
JNL/The Boston Company Equity Income Fund (a)
 
JNL/The London Company Focused U.S. Equity Fund (c)
 
JNL/Van Eck International Gold Fund (b)
 
JNL/WCM Focused International Equity Fund (c)
 
JNL Alt 65 Fund - A
 
JNL Disciplined Growth Fund - A
 
JNL Disciplined Moderate Fund - A
 
JNL Disciplined Moderate Growth Fund - A
 
JNL Institutional Alt 20 Fund - A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Highest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
11.964386

 
$
15.435687

 
$
10.879043

 
$
3.107321

 
$
10.713083

 
$
14.551718

 
$
9.717960

 
$
10.282126

 
$
10.447161

 
$
14.432161

   Total Return *
 
3.21
%
 
-2.94
 %
 
-2.64
 %
 
-27.51
 %
 
4.47
 %
 
-5.29
 %
 
-5.65
 %
 
-5.37
 %
 
-5.03
 %
 
-5.18
 %
   Ratio of Expenses **
 
1.25
%
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
3.61
 %
 
3.15
 %
 
3.70
 %
 
3.15
 %
 
3.06
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
11.592747

 
$
15.903884

 
$
11.174002

 
$
4.286313

 
$
10.254829

 
$
15.363890

 
$
10.299709

 
$
10.865604

 
$
11.000732

 
$
15.220732

   Total Return *
 
10.34
%
 
9.69
 %
 
2.23
 %
 
-7.30
 %
 
-2.17
 %
 
-1.96
 %
 
1.73
 %
 
1.53
 %
 
1.81
 %
 
-0.87
 %
   Ratio of Expenses **
 
1.25
%
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
3.61
 %
 
3.15
 %
 
3.70
 %
 
3.15
 %
 
3.06
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.506291

 
$
14.498494

 
$
10.930272

 
$
4.623635

 
$
10.481899

 
$
15.671773

 
$
10.124402

 
$
10.702137

 
$
10.805322

 
$
15.353836

   Total Return *
 
4.44%***

 
35.12
 %
 
9.67%***

 
-48.54
 %
 
4.98%***

 
5.61
 %
 
20.22
 %
 
12.86
 %
 
18.88
 %
 
10.45
 %
   Ratio of Expenses **
 
1.25
%
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
3.61
 %
 
3.15
 %
 
3.70
 %
 
3.15
 %
 
3.06
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
 n/a

 
$
10.730038

 
 n/a

 
$
8.985564

 
 n/a

 
$
14.838820

 
$
8.421673

 
$
9.482585

 
$
9.089241

 
$
13.901659

   Total Return *
 
n/a

 
7.21%***

 
n/a

 
-10.14%***

 
n/a

 
7.01
 %
 
11.03
 %
 
9.18
 %
 
10.67
 %
 
7.79
 %
   Ratio of Expenses **
 
n/a

 
1.25
 %
 
n/a

 
1.25
 %
 
n/a

 
3.61
 %
 
3.15
 %
 
3.70
 %
 
3.15
 %
 
3.06
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
$
13.866809

 
$
7.585200

 
$
8.685114

 
$
8.213126

 
$
12.897292

   Total Return *
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
-8.78
 %
 
-8.17%***

 
-2.93
 %
 
-3.93
 %
 
-5.49
 %
   Ratio of Expenses **
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
3.61
 %
 
3.15
 %
 
3.70
 %
 
3.15
 %
 
3.06
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations February 6, 2012.
(b) Commencement of operations September 10, 2012.
(c) Commencement of operations September 16, 2013.

99
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/T. Rowe Price Capital Appreciation Fund (c)
 
JNL/The Boston Company Equity Income Fund (a)
 
JNL/The London Company Focused U.S. Equity Fund (c)
 
JNL/Van Eck International Gold Fund (b)
 
JNL/WCM Focused International Equity Fund (c)
 
JNL Alt 65 Fund - A
 
JNL Disciplined Growth Fund - A
 
JNL Disciplined Moderate Fund - A
 
JNL Disciplined Moderate Growth Fund - A
 
JNL Institutional Alt 20 Fund - A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lowest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
12.074524

 
$
15.674249

 
$
10.979142

 
$
3.148681

 
$
10.811664

 
$
17.525204

 
$
12.316525

 
$
13.688602

 
$
13.239659

 
$
16.580846

   Total Return *
 
3.62
%
 
-2.55
 %
 
-2.25
 %
 
-27.22
 %
 
4.89
%
 
-6.03%***

 
-3.12
 %
 
-2.30
 %
 
-2.49
 %
 
-3.21
 %
   Ratio of Expenses **
 
0.85
%
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
%
 
0.85
 %
 
0.50
 %
 
0.50
 %
 
0.50
 %
 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
11.652755

 
$
16.085206

 
$
11.231800

 
$
4.326027

 
$
10.307880

 
$
17.845286

 
$
12.713071

 
$
14.010500

 
$
13.577278

 
$
17.130262

   Total Return *
 
10.78
%
 
10.13
 %
 
0.35%***

 
-6.92
 %
 
-4.03%***

 
0.63%***

 
4.46
 %
 
4.82
 %
 
4.54
 %
 
1.20
 %
   Ratio of Expenses **
 
0.85
%
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
%
 
1.00
 %
 
0.50
 %
 
0.50
 %
 
0.50
 %
 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.518508

 
$
14.605261

 
$
10.936958

 
$
4.647848

 
$
10.489484

 
$
17.650593

 
$
12.170487

 
$
13.365738

 
$
12.987966

 
$
16.927727

   Total Return *
 
5.76%***

 
35.66
 %
 
8.95%***

 
-48.34
 %
 
4.81%***

 
8.30
 %
 
23.44
 %
 
16.53
 %
 
22.07
 %
 
12.75
 %
   Ratio of Expenses **
 
0.85
%
 
0.85
 %
 
1.00
 %
 
0.85
 %
 
1.00
%
 
1.10
 %
 
0.50
 %
 
0.50
 %
 
0.50
 %
 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
 n/a

 
$
10.765905

 
 n/a

 
$
8.996557

 
 n/a

 
$
16.298169

 
$
9.859384

 
$
11.470238

 
$
10.640048

 
$
15.014170

   Total Return *
 
n/a

 
14.37%***

 
n/a

 
-12.37%***

 
n/a

 
9.74
 %
 
14.01
 %
 
12.74
 %
 
13.64
 %
 
10.04
 %
   Ratio of Expenses **
 
n/a

 
0.85
 %
 
n/a

 
0.85
 %
 
n/a

 
1.10
 %
 
0.50
 %
 
0.50
 %
 
0.50
 %
 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
$
14.851990

 
$
8.647683

 
$
10.174362

 
$
9.362785

 
$
13.644637

   Total Return *
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
-6.46
 %
 
-3.62
 %
 
0.22
 %
 
-1.36
 %
 
-4.59%***

   Ratio of Expenses **
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
1.10
 %
 
0.50
 %
 
0.50
 %
 
0.50
 %
 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations February 6, 2012.
(b) Commencement of operations September 10, 2012.
(c) Commencement of operations September 16, 2013.


100
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/T. Rowe Price Capital Appreciation Fund (c)
 
JNL/The Boston Company Equity Income Fund (a)
 
JNL/The London Company Focused U.S. Equity Fund (c)
 
JNL/Van Eck International Gold Fund (b)
 
JNL/WCM Focused International Equity Fund (c)
 
JNL Alt 65 Fund - A
 
JNL Disciplined Growth Fund - A
 
JNL Disciplined Moderate Fund - A
 
JNL Disciplined Moderate Growth Fund - A
 
JNL Institutional Alt 20 Fund - A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Division data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
379,008

 
$
110,141

 
$
11,347

 
$
24,596

 
$
8,233

 
$
617,912

 
$
713,547

 
$
1,228,353

 
$
1,604,573

 
$
1,536,306

   Units Outstanding (in thousands)
 
31,534

 
7,081

 
1,037

 
7,862

 
764

 
36,535

 
63,022

 
97,592

 
131,660

 
95,281

   Investment Income Ratio *
 
0.03
%
 
0.79
%
 
0.22
%
 
3.37
%
 
0.03
%
 
1.82
%
 
2.53
%
 
2.40
%
 
2.53
%
 
2.29
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
84,808

 
$
46,575

 
$
6,295

 
$
26,145

 
$
3,201

 
$
622,021

 
$
650,863

 
$
1,200,467

 
$
1,472,586

 
$
1,687,366

   Units Outstanding (in thousands)
 
7,297

 
2,913

 
562

 
6,071

 
311

 
35,831

 
55,249

 
92,418

 
116,853

 
100,924

   Investment Income Ratio *
 
1.18
%
 
0.08
%
 
0.03
%
 
0.31
%
 
0.00
%
 
1.46
%
 
1.63
%
 
2.22
%
 
1.88
%
 
1.70
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
9,228

 
$
28,342

 
$
538

 
$
11,291

 
$
425

 
$
746,748

 
$
521,713

 
$
1,026,832

 
$
1,216,735

 
$
1,697,533

   Units Outstanding (in thousands)
 
878

 
1,948

 
49

 
2,436

 
40

 
43,103

 
45,866

 
82,176

 
100,110

 
102,360

   Investment Income Ratio *
 
0.66
%
 
2.03
%
 
0.00
%
 
0.24
%
 
0.00
%
 
1.00
%
 
0.98
%
 
1.38
%
 
1.18
%
 
2.03
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
 n/a

 
$
3,063

 
 n/a

 
$
5,078

 
 n/a

 
$
868,140

 
$
299,069

 
$
710,906

 
$
766,027

 
$
1,348,029

   Units Outstanding (in thousands)
 
n/a

 
285

 
n/a

 
565

 
n/a

 
54,075

 
32,169

 
65,742

 
76,258

 
91,277

   Investment Income Ratio *
 
n/a

 
2.66
%
 
n/a

 
0.00
%
 
n/a

 
2.38
%
 
1.28
%
 
1.64
%
 
1.48
%
 
1.63
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
$
942,913

 
$
168,700

 
$
427,042

 
$
473,993

 
$
871,892

   Units Outstanding (in thousands)
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
64,231

 
20,490

 
44,150

 
53,139

 
64,683

   Investment Income Ratio *
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
0.73
%
 
1.09
%
 
1.34
%
 
1.12
%
 
1.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*    These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations February 6, 2012.
(b) Commencement of operations September 10, 2012.
(c) Commencement of operations September 16, 2013.


101
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL Institutional Alt 35 Fund - A
 
JNL Institutional Alt 50 Fund - A
 
JNL Multi-Manager Alternative Fund - A (c)
 
JNL Multi-Manager Small Cap Growth Fund - A
 
JNL Multi-Manager Small Cap Value Fund - A
 
JNL/AB Dynamic Asset Allocation Fund - A (b)
 
JNL/American Funds Balanced Allocation Fund - A (a)
 
JNL/American Funds Blue Chip Income and Growth Fund - A
 
JNL/American Funds Global Bond Fund - A
 
JNL/American Funds Global Small Capitalization Fund - A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Highest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
14.783418

 
$
14.234202

 
$
9.489060

 
$
23.004153

 
$
12.689677

 
$
9.893249

 
$
11.160743

 
$
14.165604

 
$
9.065934

 
$
11.591029

   Total Return *
 
-5.22
 %
 
-5.53
 %
 
-4.81%***

 
-8.33
 %
 
-12.91
 %
 
-2.91
 %
 
-3.19
 %
 
-6.51
 %
 
-7.22
 %
 
-3.06
 %
   Ratio of Expenses **
 
3.05
 %
 
3.61
 %
 
1.25
%
 
3.91
 %
 
3.91
 %
 
1.25
 %
 
3.10
 %
 
3.36
 %
 
3.16
 %
 
3.06
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
15.597831

 
$
15.066773

 
 n/a

 
$
25.094707

 
$
14.571079

 
$
10.190116

 
$
11.528573

 
$
15.152218

 
$
9.771061

 
$
11.956709

   Total Return *
 
-1.16
 %
 
-1.75
 %
 
n/a

 
-1.15
 %
 
-3.69
 %
 
1.50%***

 
1.09
 %
 
11.19
 %
 
-1.97
 %
 
-1.26
 %
   Ratio of Expenses **
 
3.05
 %
 
3.61
 %
 
n/a

 
3.91
 %
 
3.91
 %
 
1.25
 %
 
3.10
 %
 
3.36
 %
 
3.16
 %
 
3.06
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
15.780815

 
$
15.334913

 
 n/a

 
$
25.385548

 
$
15.129820

 
 n/a

 
$
11.404526

 
$
13.627303

 
$
9.967742

 
$
12.109692

   Total Return *
 
9.08
 %
 
6.44
 %
 
n/a

 
25.47
 %
 
29.23
 %
 
n/a

 
5.14%***

 
28.05
 %
 
-5.97
 %
 
24.04
 %
   Ratio of Expenses **
 
3.05
 %
 
3.61
 %
 
n/a

 
3.91
 %
 
3.91
 %
 
n/a

 
3.10
 %
 
3.36
 %
 
3.16
 %
 
3.06
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
14.467107

 
$
14.406968

 
 n/a

 
$
20.232227

 
$
11.707585

 
 n/a

 
$
10.232479

 
$
10.641810

 
$
10.600572

 
$
9.762384

   Total Return *
 
7.97
 %
 
6.93
 %
 
n/a

 
9.46
 %
 
13.10
 %
 
n/a

 
4.92%***

 
9.67
 %
 
2.48
 %
 
14.34
 %
   Ratio of Expenses **
 
3.05
 %
 
3.61
 %
 
n/a

 
3.91
 %
 
3.91
 %
 
n/a

 
2.71
 %
 
3.36
 %
 
3.16
 %
 
3.06
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
13.398793

 
$
13.472850

 
 n/a

 
$
18.484335

 
$
10.351574

 
 n/a

 
 n/a

 
$
9.703216

 
$
10.344191

 
$
8.538274

   Total Return *
 
-6.69
 %
 
-8.00
 %
 
n/a

 
-6.05
 %
 
-6.45
 %
 
n/a

 
n/a

 
-4.51
 %
 
0.25%***

 
-21.85
 %
   Ratio of Expenses **
 
3.05
 %
 
3.61
 %
 
n/a

 
3.91
 %
 
3.91
 %
 
n/a

 
n/a

 
3.36
 %
 
3.16
 %
 
3.06
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations April 30, 2012.
(b) Commencement of operations April 28, 2014.
(c) Commencement of operations April 27, 2015.

102
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL Institutional Alt 35 Fund - A
 
JNL Institutional Alt 50 Fund - A
 
JNL Multi-Manager Alternative Fund - A (c)
 
JNL Multi-Manager Small Cap Growth Fund - A
 
JNL Multi-Manager Small Cap Value Fund - A
 
JNL/AB Dynamic Asset Allocation Fund - A (b)
 
JNL/American Funds Balanced Allocation Fund - A (a)
 
JNL/American Funds Blue Chip Income and Growth Fund - A
 
JNL/American Funds Global Bond Fund - A
 
JNL/American Funds Global Small Capitalization Fund - A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lowest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
16.972816

 
$
16.970733

 
$
9.514891

 
$
41.518291

 
$
17.586931

 
$
9.959825

 
$
12.053130

 
$
16.191248

 
$
10.244081

 
$
13.025317

   Total Return *
 
-3.26
 %
 
-3.03
 %
 
-4.59%***

 
-5.48%***

 
-10.21
 %
 
-2.52
 %
 
-1.14
 %
 
-4.28
 %
 
-5.19
 %
 
-1.04
 %
   Ratio of Expenses **
 
1.00
 %
 
1.00
 %
 
0.85
%
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
17.544505

 
$
17.500552

 
 n/a

 
$
42.740674

 
$
19.585778

 
$
10.217741

 
$
12.192220

 
$
16.914989

 
$
10.804894

 
$
13.162274

   Total Return *
 
0.89
 %
 
0.85
 %
 
n/a

 
1.77
 %
 
-0.70
 %
 
-0.04%***

 
3.23%***

 
13.85
 %
 
0.17
 %
 
0.79
 %
   Ratio of Expenses **
 
1.00
 %
 
1.00
 %
 
n/a

 
1.00
 %
 
0.85
 %
 
0.85
 %
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
17.390028

 
$
17.353083

 
 n/a

 
$
41.995913

 
$
19.723876

 
 n/a

 
$
11.791486

 
$
14.857839

 
$
10.786833

 
$
13.058859

   Total Return *
 
11.34
 %
 
9.26
 %
 
n/a

 
29.18
 %
 
33.25
 %
 
n/a

 
14.00
 %
 
31.11
 %
 
-3.92
 %
 
26.63
 %
   Ratio of Expenses **
 
1.00
 %
 
1.00
 %
 
n/a

 
1.00
 %
 
0.85
 %
 
n/a

 
1.10
 %
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
15.619143

 
$
15.882983

 
 n/a

 
$
32.510616

 
$
14.802516

 
 n/a

 
$
10.343515

 
$
11.332119

 
$
11.226519

 
$
10.312913

   Total Return *
 
10.22
 %
 
9.77
 %
 
n/a

 
12.70
 %
 
16.84%***

 
n/a

 
8.83%***

 
12.30
 %
 
4.71
 %
 
16.72
 %
   Ratio of Expenses **
 
1.00
 %
 
1.00
 %
 
n/a

 
1.00
 %
 
0.85
 %
 
n/a

 
1.10
 %
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
14.171169

 
$
14.469467

 
 n/a

 
$
28.847748

 
$
12.566719

 
 n/a

 
 n/a

 
$
10.090978

 
$
10.721765

 
$
8.835361

   Total Return *
 
-8.52%***

 
-9.64%***

 
n/a

 
-3.28
 %
 
-3.69
 %
 
n/a

 
n/a

 
-6.39%***

 
3.28
 %
 
-22.38%***

   Ratio of Expenses **
 
1.00
 %
 
1.00
 %
 
n/a

 
1.00
 %
 
1.00
 %
 
n/a

 
n/a

 
1.00
 %
 
1.00
 %
 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations April 30, 2012.
(b) Commencement of operations April 28, 2014.
(c) Commencement of operations April 27, 2015.

103
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL Institutional Alt 35 Fund - A
 
JNL Institutional Alt 50 Fund - A
 
JNL Multi-Manager Alternative Fund - A (c)
 
JNL Multi-Manager Small Cap Growth Fund - A
 
JNL Multi-Manager Small Cap Value Fund - A
 
JNL/AB Dynamic Asset Allocation Fund - A (b)
 
JNL/American Funds Balanced Allocation Fund - A (a)
 
JNL/American Funds Blue Chip Income and Growth Fund - A
 
JNL/American Funds Global Bond Fund - A
 
JNL/American Funds Global Small Capitalization Fund - A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Division data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
1,942,017

 
$
2,748,451

 
$
6,229

 
$
1,000,620

 
$
513,864

 
$
31,738

 
$
1,119,372

 
$
1,828,935

 
$
418,272

 
$
486,304

   Units Outstanding (in thousands)
 
117,833

 
167,003

 
655

 
27,111

 
31,053

 
3,196

 
94,392

 
115,792

 
41,913

 
38,259

   Investment Income Ratio *
 
2.27
%
 
2.24
%
 
0.00
%
 
0.00
%
 
0.32
%
 
0.00
%
 
1.23
%
 
2.48
%
 
1.28
%
 
0.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
2,248,151

 
$
3,167,812

 
 n/a

 
$
1,096,101

 
$
590,903

 
$
18,690

 
$
749,737

 
$
1,747,477

 
$
467,956

 
$
370,905

   Units Outstanding (in thousands)
 
131,465

 
185,953

 
n/a

 
28,002

 
31,964

 
1,831

 
62,247

 
105,560

 
44,301

 
28,756

   Investment Income Ratio *
 
1.60
%
 
1.48
%
 
n/a

 
0.00
%
 
0.38
%
 
0.93
%
 
1.02
%
 
1.14
%
 
0.01
%
 
0.22
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
2,315,267

 
$
3,197,208

 
 n/a

 
$
1,131,303

 
$
563,849

 
 n/a

 
$
439,310

 
$
1,145,063

 
$
433,086

 
$
316,078

   Units Outstanding (in thousands)
 
136,061

 
188,513

 
n/a

 
29,432

 
30,233

 
n/a

 
37,487

 
78,386

 
40,893

 
24,614

   Investment Income Ratio *
 
1.67
%
 
1.31
%
 
n/a

 
0.08
%
 
0.95
%
 
n/a

 
0.78
%
 
1.17
%
 
2.11
%
 
0.70
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
1,954,019

 
$
2,705,104

 
 n/a

 
$
712,883

 
$
326,695

 
 n/a

 
$
142,838

 
$
658,754

 
$
445,074

 
$
192,196

   Units Outstanding (in thousands)
 
127,331

 
173,523

 
n/a

 
23,891

 
23,244

 
n/a

 
13,849

 
58,871

 
40,202

 
18,876

   Investment Income Ratio *
 
1.78
%
 
1.88
%
 
n/a

 
0.00
%
 
0.25
%
 
n/a

 
0.00
%
 
1.02
%
 
2.05
%
 
0.73
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
1,349,313

 
$
1,759,138

 
 n/a

 
$
624,638

 
$
261,576

 
 n/a

 
 n/a

 
$
379,981

 
$
322,987

 
$
121,399

   Units Outstanding (in thousands)
 
96,468

 
123,288

 
n/a

 
23,617

 
21,600

 
n/a

 
n/a

 
37,953

 
30,387

 
13,853

   Investment Income Ratio *
 
0.88
%
 
0.86
%
 
n/a

 
0.00
%
 
0.28
%
 
n/a

 
n/a

 
0.67
%
 
1.01
%
 
0.37
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*    These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations April 30, 2012.
(b) Commencement of operations April 28, 2014.
(c) Commencement of operations April 27, 2015.


104
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/American Funds Growth-Income Fund - A
 
JNL/American Funds Growth Allocation Fund - A (c)
 
JNL/American Funds International Fund - A
 
JNL/American Funds New World Fund - A
 
JNL/AQR Managed Futures Strategy Fund - A (a)
 
JNL/BlackRock Global Allocation Fund - A
 
JNL/BlackRock Large Cap Select Growth Fund - A
 
JNL/BlackRock Natural Resources Fund - A
 
JNL/Boston Partners Global Long Short Equity Fund - A (d)
 
JNL/Brookfield Global Infrastructure and MLP Fund - A (b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Highest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
14.767765

 
$
11.872870

 
$
10.075587

 
$
9.377378

 
$
10.562706

 
$
10.377129

 
$
27.423723

 
$
5.732755

 
$
10.282457

 
$
11.703901

   Total Return *
 
-2.13
 %
 
-2.45
 %
 
-7.99
 %
 
-6.57
 %
 
-8.06%***

 
-4.84
 %
 
2.47
 %
 
-26.51
 %
 
4.67
%
 
-21.03
 %
   Ratio of Expenses **
 
3.16
 %
 
2.85
 %
 
3.36
 %
 
3.16
 %
 
2.80
%
 
3.61
 %
 
3.61
 %
 
3.70
 %
 
1.25
%
 
3.10
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
15.088660

 
$
12.170692

 
$
10.950184

 
$
10.036717

 
$
11.193091

 
$
10.905275

 
$
26.763737

 
$
7.800985

 
$
9.823957

 
$
14.820786

   Total Return *
 
6.76
 %
 
1.15
 %
 
-6.24
 %
 
-11.07
 %
 
7.73
%
 
-1.76
 %
 
5.02
 %
 
-17.36
 %
 
-0.94%***

 
4.08
 %
   Ratio of Expenses **
 
3.16
 %
 
2.85
 %
 
3.36
 %
 
3.16
 %
 
1.25
%
 
3.61
 %
 
3.61
 %
 
3.70
 %
 
1.25
%
 
3.10
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
14.133382

 
$
12.032273

 
$
11.679176

 
$
11.285850

 
$
10.389716

 
$
11.100488

 
$
25.483258

 
$
9.439520

 
 n/a

 
$
14.240412

   Total Return *
 
28.80
 %
 
17.47
 %
 
17.10
 %
 
7.43
 %
 
5.75
%
 
10.26
 %
 
34.06
 %
 
5.54
 %
 
n/a

 
19.68
 %
   Ratio of Expenses **
 
3.16
 %
 
2.85
 %
 
3.36
 %
 
3.16
 %
 
1.25
%
 
3.61
 %
 
3.61
 %
 
3.70
 %
 
n/a

 
3.10
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.973233

 
$
10.242546

 
$
9.973414

 
$
10.504839

 
$
9.824353

 
$
10.067701

 
$
19.008526

 
$
8.944331

 
 n/a

 
$
11.899161

   Total Return *
 
13.28
 %
 
0.92%***

 
13.52
 %
 
13.72
 %
 
4.11%***

 
5.69
 %
 
6.68
 %
 
-2.88
 %
 
n/a

 
1.43%***

   Ratio of Expenses **
 
3.16
 %
 
2.85
 %
 
3.36
 %
 
3.16
 %
 
1.25
%
 
3.61
 %
 
3.61
 %
 
3.70
 %
 
n/a

 
3.10
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
9.687223

 
 n/a

 
$
8.785597

 
$
9.237794

 
 n/a

 
$
9.525680

 
$
17.818001

 
$
9.209368

 
 n/a

 
$
10.347709

   Total Return *
 
-5.34
 %
 
n/a

 
-17.20
 %
 
-16.96
 %
 
n/a

 
-7.22
 %
 
-2.81
 %
 
-10.72
 %
 
n/a

 
3.30%***

   Ratio of Expenses **
 
3.16
 %
 
n/a

 
3.36
 %
 
3.16
 %
 
n/a

 
3.61
 %
 
3.61
 %
 
3.70
 %
 
n/a

 
2.40
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations August 29, 2011.
(b) Commencement of operations December 12, 2011.
(c) Commencement of operations April 30, 2012.
(d) Commencement of operations September 15, 2014.

105
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/American Funds Growth-Income Fund - A
 
JNL/American Funds Growth Allocation Fund - A (c)
 
JNL/American Funds International Fund - A
 
JNL/American Funds New World Fund - A
 
JNL/AQR Managed Futures Strategy Fund - A (a)
 
JNL/BlackRock Global Allocation Fund - A
 
JNL/BlackRock Large Cap Select Growth Fund - A
 
JNL/BlackRock Natural Resources Fund - A
 
JNL/Boston Partners Global Long Short Equity Fund - A (d)
 
JNL/Brookfield Global Infrastructure and MLP Fund - A (b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lowest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
16.831721

 
$
12.704916

 
$
11.614339

 
$
10.597563

 
$
11.493721

 
$
11.985760

 
$
47.003517

 
$
7.396348

 
$
10.335760

 
$
12.818948

   Total Return *
 
0.16
 %
 
-0.63
 %
 
-5.65
 %
 
-4.53
 %
 
1.33
%
 
-2.18
 %
 
5.18
 %
 
-24.39
 %
 
5.09
%
 
-19.24
 %
   Ratio of Expenses **
 
0.85
 %
 
1.00
 %
 
0.85
 %
 
1.00
 %
 
0.85
%
 
0.85
 %
 
1.00
 %
 
0.85
 %
 
0.85
%
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
16.804732

 
$
12.785507

 
$
12.309601

 
$
11.100310

 
$
11.343131

 
$
12.252870

 
$
44.690461

 
$
9.782449

 
$
9.835465

 
$
15.872403

   Total Return *
 
9.25
 %
 
3.03%***

 
-3.86
 %
 
-9.13
 %
 
8.16
%
 
0.99
 %
 
7.80
 %
 
-14.97
 %
 
1.46%***

 
6.44
 %
   Ratio of Expenses **
 
0.85
 %
 
1.00
 %
 
0.85
 %
 
1.00
 %
 
0.85
%
 
0.85
 %
 
1.00
 %
 
0.85
 %
 
0.85
%
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
15.381331

 
$
12.388475

 
$
12.803656

 
$
12.215079

 
$
10.486958

 
$
12.132655

 
$
41.455971

 
$
11.505133

 
 n/a

 
$
14.912251

   Total Return *
 
31.81
 %
 
19.54
 %
 
6.10%***

 
9.78
 %
 
6.18
%
 
13.34
 %
 
37.61
 %
 
8.58
 %
 
n/a

 
22.39
 %
   Ratio of Expenses **
 
0.85
 %
 
1.10
 %
 
0.85
 %
 
1.00
 %
 
0.85
%
 
0.85
 %
 
1.00
 %
 
0.85
 %
 
n/a

 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
11.669432

 
$
10.363348

 
$
10.620354

 
$
11.126783

 
$
9.876725

 
$
10.704258

 
$
30.126232

 
$
10.595790

 
 n/a

 
$
12.184270

   Total Return *
 
2.11%***

 
1.97%***

 
16.24
 %
 
16.21
 %
 
5.06%***

 
5.99%***

 
9.51
 %
 
14.31%***

 
n/a

 
7.91%***

   Ratio of Expenses **
 
0.85
 %
 
1.10
 %
 
1.00
 %
 
1.00
 %
 
0.85
%
 
0.85
 %
 
1.00
 %
 
0.85
 %
 
n/a

 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.041099

 
 n/a

 
$
9.136696

 
$
9.575052

 
 n/a

 
$
9.833592

 
$
27.509862

 
$
10.524754

 
 n/a

 
$
9.044877

   Total Return *
 
-3.27
 %
 
n/a

 
-19.39%***

 
-17.68%***

 
n/a

 
-4.85%***

 
-0.25
 %
 
-8.29
 %
 
n/a

 
-9.72%***

   Ratio of Expenses **
 
1.00
 %
 
n/a

 
1.00
 %
 
1.00
 %
 
n/a

 
1.00
 %
 
1.00
 %
 
1.00
 %
 
n/a

 
1.15
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations August 29, 2011.
(b) Commencement of operations December 12, 2011.
(c) Commencement of operations April 30, 2012.
(d) Commencement of operations September 15, 2014.

106
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/American Funds Growth-Income Fund - A
 
JNL/American Funds Growth Allocation Fund - A (c)
 
JNL/American Funds International Fund - A
 
JNL/American Funds New World Fund - A
 
JNL/AQR Managed Futures Strategy Fund - A (a)
 
JNL/BlackRock Global Allocation Fund - A
 
JNL/BlackRock Large Cap Select Growth Fund - A
 
JNL/BlackRock Natural Resources Fund - A
 
JNL/Boston Partners Global Long Short Equity Fund - A (d)
 
JNL/Brookfield Global Infrastructure and MLP Fund - A (b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Division data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
2,897,665

 
$
941,136

 
$
926,321

 
$
759,581

 
$
197,985

 
$
3,517,477

 
$
954,227

 
$
659,992

 
$
28,295

 
$
618,494

   Units Outstanding (in thousands)
 
177,484

 
75,232

 
82,237

 
73,470

 
17,416

 
301,890

 
22,499

 
93,946

 
2,744

 
49,245

   Investment Income Ratio *
 
0.77
%
 
1.09
%
 
0.85
%
 
0.86
%
 
9.69
%
 
2.06
%
 
0.00
%
 
0.47
%
 
0.00
%
 
1.62
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
2,316,145

 
$
640,593

 
$
679,179

 
$
701,141

 
$
99,750

 
$
3,274,351

 
$
693,281

 
$
843,028

 
$
3,303

 
$
853,801

   Units Outstanding (in thousands)
 
141,489

 
50,703

 
56,638

 
64,512

 
8,855

 
273,649

 
17,193

 
90,488

 
336

 
54,691

   Investment Income Ratio *
 
0.68
%
 
0.77
%
 
0.76
%
 
0.84
%
 
2.77
%
 
0.74
%
 
0.00
%
 
0.00
%
 
0.00
%
 
0.71
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
1,561,325

 
$
357,689

 
$
531,621

 
$
617,704

 
$
75,699

 
$
2,635,571

 
$
596,971

 
$
959,276

 
 n/a

 
$
395,362

   Units Outstanding (in thousands)
 
103,723

 
29,048

 
42,420

 
51,450

 
7,255

 
221,416

 
15,995

 
87,201

 
n/a

 
26,810

   Investment Income Ratio *
 
0.83
%
 
0.61
%
 
0.85
%
 
0.56
%
 
5.22
%
 
0.63
%
 
0.03
%
 
0.39
%
 
n/a

 
0.85
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
815,499

 
$
100,620

 
$
340,653

 
$
443,043

 
$
20,520

 
$
1,525,570

 
$
444,455

 
$
891,760

 
 n/a

 
$
100,565

   Units Outstanding (in thousands)
 
71,037

 
9,734

 
32,462

 
40,340

 
2,083

 
144,546

 
16,379

 
87,617

 
n/a

 
8,305

   Investment Income Ratio *
 
0.85
%
 
0.00
%
 
1.20
%
 
1.08
%
 
0.00
%
 
0.00
%
 
0.15
%
 
0.00
%
 
n/a

 
0.07
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
430,286

 
 n/a

 
$
200,814

 
$
261,975

 
 n/a

 
$
494,125

 
$
424,724

 
$
797,267

 
 n/a

 
$
981

   Units Outstanding (in thousands)
 
43,195

 
n/a

 
22,150

 
27,587

 
n/a

 
50,563

 
17,111

 
77,839

 
n/a

 
95

   Investment Income Ratio *
 
0.53
%
 
n/a

 
0.72
%
 
0.60
%
 
n/a

 
0.67
%
 
0.34
%
 
0.58
%
 
n/a

 
0.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*    These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations August 29, 2011.
(b) Commencement of operations December 12, 2011.
(c) Commencement of operations April 30, 2012.
(d) Commencement of operations September 15, 2014.


107
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/Capital Guardian Global Balanced Fund - A
 
JNL/Capital Guardian Global Diversified Research Fund - A
 
JNL/Causeway International Value Select Fund - A
 
JNL/DFA U.S. Core Equity Fund - A
 
JNL/DoubleLine Shiller Enhanced CAPE Fund - A (b)
 
JNL/Eastspring Investments Asia ex-Japan Fund - A
 
JNL/Eastspring Investments China-India Fund - A
 
JNL/Franklin Templeton Founding Strategy Fund - A
 
JNL/Franklin Templeton Global Growth Fund - A
 
JNL/Franklin Templeton Global Multisector Bond Fund - A (a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Highest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
9.230619

 
$
21.455473

 
$
8.355132

 
$
17.497555

 
$
10.954677

 
$
5.911977

 
$
6.194560

 
$
9.148869

 
$
8.269499

 
$
10.265379

   Total Return *
 
-5.25
 %
 
-1.21
 %
 
-7.25
 %
 
-5.37
 %
 
9.55%***

 
-19.62
 %
 
-8.40
 %
 
-9.51
 %
 
-9.75
 %
 
0.68%***

   Ratio of Expenses **
 
3.86
 %
 
3.86
 %
 
3.91
 %
 
3.40
 %
 
1.25
%
 
3.61
 %
 
3.61
 %
 
3.61
 %
 
3.61
 %
 
3.26
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
9.741960

 
$
21.719323

 
$
9.008259

 
$
18.490528

 
 n/a

 
$
7.354734

 
$
6.762681

 
$
10.110812

 
$
9.162504

 
$
11.133070

   Total Return *
 
-3.26
 %
 
-1.53
 %
 
-13.97
 %
 
6.15
 %
 
n/a

 
1.91
 %
 
7.45
 %
 
-0.97
 %
 
-5.83
 %
 
-3.45
 %
   Ratio of Expenses **
 
3.86
 %
 
3.86
 %
 
3.91
 %
 
3.40
 %
 
n/a

 
3.61
 %
 
3.61
 %
 
3.61
 %
 
3.61
 %
 
3.06
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.070530

 
$
22.056040

 
$
10.470642

 
$
17.418947

 
 n/a

 
$
7.216675

 
$
6.293696

 
$
10.210041

 
$
9.729365

 
$
11.530902

   Total Return *
 
11.17
 %
 
18.57
 %
 
16.82
 %
 
30.65
 %
 
n/a

 
-9.38
 %
 
-5.81
 %
 
19.57
 %
 
25.73
 %
 
0.41
 %
   Ratio of Expenses **
 
3.86
 %
 
3.86
 %
 
3.91
 %
 
3.40
 %
 
n/a

 
3.61
 %
 
3.61
 %
 
3.61
 %
 
3.61
 %
 
3.06
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
9.058602

 
$
18.602188

 
$
8.963371

 
$
13.332700

 
 n/a

 
$
7.963310

 
$
6.681762

 
$
8.538913

 
$
7.738394

 
$
11.484302

   Total Return *
 
8.75
 %
 
12.58
 %
 
12.65
 %
 
9.89
 %
 
n/a

 
18.19
 %
 
19.09
 %
 
11.83
 %
 
17.72
 %
 
8.62%***

   Ratio of Expenses **
 
3.86
 %
 
3.86
 %
 
3.91
 %
 
3.40
 %
 
n/a

 
3.61
 %
 
3.61
 %
 
3.61
 %
 
3.61
 %
 
3.06
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
8.329723

 
$
16.523644

 
$
7.956627

 
$
12.133220

 
 n/a

 
$
6.737610

 
$
5.610913

 
$
7.635375

 
$
6.573777

 
$
10.047064

   Total Return *
 
-8.35
 %
 
-8.11
 %
 
-16.20
 %
 
-4.15
 %
 
n/a

 
-23.98
 %
 
-30.44
 %
 
-4.85
 %
 
-9.40
 %
 
-0.11%***

   Ratio of Expenses **
 
3.86
 %
 
3.86
 %
 
3.91
 %
 
3.40
 %
 
n/a

 
3.61
 %
 
3.61
 %
 
3.61
 %
 
3.61
 %
 
2.60
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations December 12, 2011.
(b) Commencement of operations September 28, 2015.


108
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/Capital Guardian Global Balanced Fund - A
 
JNL/Capital Guardian Global Diversified Research Fund - A
 
JNL/Causeway International Value Select Fund - A
 
JNL/DFA U.S. Core Equity Fund - A
 
JNL/DoubleLine Shiller Enhanced CAPE Fund - A (b)
 
JNL/Eastspring Investments Asia ex-Japan Fund - A
 
JNL/Eastspring Investments China-India Fund - A
 
JNL/Franklin Templeton Founding Strategy Fund - A
 
JNL/Franklin Templeton Global Growth Fund - A
 
JNL/Franklin Templeton Global Multisector Bond Fund - A (a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lowest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
14.450333

 
$
38.713497

 
$
14.041604

 
$
28.618212

 
$
10.965974

 
$
7.388862

 
$
7.742146

 
$
11.558849

 
$
10.447024

 
$
11.319363

   Total Return *
 
-2.50
 %
 
1.65
%
 
-4.51
 %
 
-2.93
 %
 
1.96%***

 
-17.37
 %
 
-5.84
 %
 
-7.12
 %
 
-7.36
 %
 
-4.96
 %
   Ratio of Expenses **
 
1.00
 %
 
1.00
%
 
1.00
 %
 
0.85
 %
 
0.85
%
 
0.85
 %
 
0.85
 %
 
1.00
 %
 
1.00
 %
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
14.820796

 
$
38.084548

 
$
14.705015

 
$
29.480809

 
 n/a

 
$
8.941792

 
$
8.222087

 
$
12.445079

 
$
11.276954

 
$
11.909965

   Total Return *
 
-0.46
 %
 
1.33
%
 
-11.43
 %
 
8.89%***

 
n/a

 
4.77
 %
 
10.46
 %
 
1.65
 %
 
-3.34%***

 
-1.29
 %
   Ratio of Expenses **
 
1.00
 %
 
1.00
%
 
1.00
 %
 
0.85
 %
 
n/a

 
0.85
 %
 
0.85
 %
 
1.00
 %
 
1.00
 %
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
14.888685

 
$
37.584509

 
$
16.601959

 
$
26.381392

 
 n/a

 
$
8.535085

 
$
7.443575

 
$
12.243449

 
$
11.585596

 
$
12.065929

   Total Return *
 
14.40
 %
 
22.01
%
 
20.27
 %
 
33.82
 %
 
n/a

 
-6.84
 %
 
-3.17
 %
 
22.73
 %
 
28.92
 %
 
2.65
 %
   Ratio of Expenses **
 
1.00
 %
 
1.00
%
 
1.00
 %
 
1.00
 %
 
n/a

 
0.85
 %
 
0.85
 %
 
1.00
 %
 
1.10
 %
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
13.014978

 
$
30.805189

 
$
13.804428

 
$
19.713784

 
 n/a

 
$
9.161710

 
$
7.687385

 
$
9.975693

 
$
8.986353

 
$
11.754500

   Total Return *
 
11.91
 %
 
15.85
%
 
15.99
 %
 
12.56
 %
 
n/a

 
1.96%***

 
2.48%***

 
14.80
 %
 
20.72
 %
 
13.28%***

   Ratio of Expenses **
 
1.00
 %
 
1.00
%
 
1.00
 %
 
1.00
 %
 
n/a

 
0.85
 %
 
0.85
 %
 
1.00
 %
 
1.10
 %
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
11.629393

 
$
26.589486

 
$
11.901546

 
$
17.513600

 
 n/a

 
$
7.494181

 
$
6.241003

 
$
8.689677

 
$
7.444175

 
$
10.054309

   Total Return *
 
-5.70
 %
 
4.60%***

 
-13.73
 %
 
-1.83
 %
 
n/a

 
-21.98
 %
 
-28.61
 %
 
-2.34
 %
 
-7.11
 %
 
0.75%***

   Ratio of Expenses **
 
1.00
 %
 
1.00
%
 
1.00
 %
 
1.00
 %
 
n/a

 
1.00
 %
 
1.00
 %
 
1.00
 %
 
1.10
 %
 
1.15
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations December 12, 2011.
(b) Commencement of operations September 28, 2015.


109
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/Capital Guardian Global Balanced Fund - A
 
JNL/Capital Guardian Global Diversified Research Fund - A
 
JNL/Causeway International Value Select Fund - A
 
JNL/DFA U.S. Core Equity Fund - A
 
JNL/DoubleLine Shiller Enhanced CAPE Fund - A (b)
 
JNL/Eastspring Investments Asia ex-Japan Fund - A
 
JNL/Eastspring Investments China-India Fund - A
 
JNL/Franklin Templeton Founding Strategy Fund - A
 
JNL/Franklin Templeton Global Growth Fund - A
 
JNL/Franklin Templeton Global Multisector Bond Fund - A (a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Division data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
434,382

 
$
430,977

 
$
437,975

 
$
613,326

 
$
16,147

 
$
100,006

 
$
334,513

 
$
1,341,037

 
$
428,990

 
$
681,887

   Units Outstanding (in thousands)
 
32,310

 
12,539

 
33,824

 
23,833

 
1,473

 
14,223

 
45,373

 
120,927

 
42,763

 
61,594

   Investment Income Ratio *
 
0.73
%
 
0.88
%
 
3.25
%
 
0.87
%
 
0.00
%
 
1.93
%
 
0.90
%
 
1.56
%
 
2.19
%
 
8.25
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
449,387

 
$
408,782

 
$
431,510

 
$
567,701

 
 n/a

 
$
128,090

 
$
349,714

 
$
1,557,952

 
$
521,536

 
$
737,969

   Units Outstanding (in thousands)
 
32,538

 
12,123

 
31,773

 
21,391

 
n/a

 
14,982

 
44,455

 
130,142

 
48,136

 
63,092

   Investment Income Ratio *
 
0.90
%
 
0.77
%
 
1.94
%
 
0.60
%
 
n/a

 
0.99
%
 
0.86
%
 
1.63
%
 
0.82
%
 
3.83
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
460,257

 
$
402,702

 
$
439,950

 
$
370,944

 
 n/a

 
$
123,981

 
$
329,054

 
$
1,467,588

 
$
439,451

 
$
600,386

   Units Outstanding (in thousands)
 
33,129

 
12,088

 
28,623

 
15,206

 
n/a

 
15,122

 
45,975

 
124,335

 
38,995

 
50,412

   Investment Income Ratio *
 
1.71
%
 
1.25
%
 
3.66
%
 
1.01
%
 
n/a

 
1.24
%
 
0.93
%
 
2.02
%
 
1.44
%
 
2.51
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
394,421

 
$
329,409

 
$
312,525

 
$
181,723

 
 n/a

 
$
140,464

 
$
347,087

 
$
1,153,798

 
$
230,044

 
$
297,966

   Units Outstanding (in thousands)
 
32,328

 
12,054

 
24,334

 
9,997

 
n/a

 
15,874

 
46,690

 
119,513

 
26,253

 
25,535

   Investment Income Ratio *
 
2.04
%
 
1.22
%
 
4.69
%
 
0.93
%
 
n/a

 
0.64
%
 
0.75
%
 
2.20
%
 
1.65
%
 
0.34
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
351,568

 
$
286,172

 
$
263,258

 
$
136,793

 
 n/a

 
$
100,655

 
$
272,734

 
$
1,002,736

 
$
150,197

 
$
3,209

   Units Outstanding (in thousands)
 
32,124

 
12,111

 
23,696

 
8,442

 
n/a

 
13,732

 
44,632

 
118,697

 
20,586

 
319

   Investment Income Ratio *
 
1.08
%
 
0.94
%
 
2.74
%
 
0.56
%
 
n/a

 
0.41
%
 
0.34
%
 
1.46
%
 
0.95
%
 
0.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*    These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations December 12, 2011.
(b) Commencement of operations September 28, 2015.


110
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/Franklin Templeton Income Fund - A
 
JNL/Franklin Templeton International Small Cap Growth Fund - A
 
JNL/Franklin Templeton Mutual Shares Fund - A
 
JNL/Goldman Sachs Core Plus Bond Fund - A
 
JNL/Goldman Sachs Emerging Markets Debt Fund - A
 
JNL/Goldman Sachs Mid Cap Value Fund - A
 
JNL/Goldman Sachs U.S. Equity Flex Fund - A
 
JNL/Harris Oakmark Global Equity Fund - A (a)
 
JNL/Invesco Global Real Estate Fund - A
 
JNL/Invesco International Growth Fund - A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Highest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.452215

 
$
8.481567

 
$
9.827094

 
$
15.272623

 
$
9.348592

 
$
14.198801

 
$
11.203590

 
$
8.785068

 
$
12.831849

 
$
11.734460

   Total Return *
 
-10.60
 %
 
0.13
 %
 
-7.62
 %
 
-3.46
 %
 
-15.44
 %
 
-12.45
 %
 
-4.69
 %
 
-11.43%***

 
-4.57
 %
 
-5.78
 %
   Ratio of Expenses **
 
3.56
 %
 
3.61
 %
 
3.15
 %
 
3.91
 %
 
3.61
 %
 
3.91
 %
 
3.06
 %
 
1.25
%
 
3.71
 %
 
3.91
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
11.691774

 
$
8.470816

 
$
10.637323

 
$
15.820330

 
$
11.055727

 
$
16.217712

 
$
11.754462

 
 n/a

 
$
13.446442

 
$
12.454771

   Total Return *
 
-0.42
 %
 
-12.63
 %
 
3.98
 %
 
1.35
 %
 
-8.31
 %
 
8.80
 %
 
10.49
 %
 
n/a

 
10.84
 %
 
-3.61
 %
   Ratio of Expenses **
 
3.56
 %
 
3.61
 %
 
3.15
 %
 
3.91
 %
 
3.61
 %
 
3.91
 %
 
3.06
 %
 
n/a

 
3.71
 %
 
3.91
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
11.741541

 
$
9.695790

 
$
10.230559

 
$
15.609001

 
$
12.057957

 
$
14.906547

 
$
10.638287

 
 n/a

 
$
12.131548

 
$
12.920911

   Total Return *
 
10.09
 %
 
27.72
 %
 
24.32
 %
 
-4.85
 %
 
-11.11
 %
 
27.64
 %
 
30.15
 %
 
n/a

 
-0.98
 %
 
14.41
 %
   Ratio of Expenses **
 
3.56
 %
 
3.61
 %
 
3.15
 %
 
3.91
 %
 
3.61
 %
 
3.91
 %
 
3.06
 %
 
n/a

 
3.71
 %
 
3.91
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.665178

 
$
7.591647

 
$
8.229251

 
$
16.403977

 
$
13.564714

 
$
11.678392

 
$
8.173614

 
 n/a

 
$
12.251585

 
$
11.293065

   Total Return *
 
8.27
 %
 
22.74
 %
 
10.14
 %
 
3.62
 %
 
15.78
 %
 
13.48
 %
 
15.98
 %
 
n/a

 
23.63
 %
 
11.31
 %
   Ratio of Expenses **
 
3.56
 %
 
3.61
 %
 
3.15
 %
 
3.91
 %
 
3.61
 %
 
3.91
 %
 
3.06
 %
 
n/a

 
3.71
 %
 
3.91
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
9.850961

 
$
6.185254

 
$
7.471934

 
$
15.830973

 
$
11.716134

 
$
10.291465

 
$
7.047439

 
 n/a

 
$
9.910099

 
$
10.145789

   Total Return *
 
-1.04
 %
 
-17.41
 %
 
-3.73
 %
 
2.19
 %
 
-8.04
 %
 
-10.11
 %
 
-13.32
 %
 
n/a

 
-9.67
 %
 
-10.45
 %
   Ratio of Expenses **
 
3.56
 %
 
3.61
 %
 
3.15
 %
 
3.91
 %
 
3.61
 %
 
3.91
 %
 
3.06
 %
 
n/a

 
3.71
 %
 
3.91
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations April 27, 2015.


111
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/Franklin Templeton Income Fund - A
 
JNL/Franklin Templeton International Small Cap Growth Fund - A
 
JNL/Franklin Templeton Mutual Shares Fund - A
 
JNL/Goldman Sachs Core Plus Bond Fund - A
 
JNL/Goldman Sachs Emerging Markets Debt Fund - A
 
JNL/Goldman Sachs Mid Cap Value Fund - A
 
JNL/Goldman Sachs U.S. Equity Flex Fund - A
 
JNL/Harris Oakmark Global Equity Fund - A (a)
 
JNL/Invesco Global Real Estate Fund - A
 
JNL/Invesco International Growth Fund - A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lowest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
13.582757

 
$
10.599741

 
$
11.908337

 
$
27.846620

 
$
11.414898

 
$
19.367092

 
$
13.655467

 
$
8.808981

 
$
17.408372

 
$
22.067720

   Total Return *
 
-8.15
 %
 
2.93
 %
 
-5.61
 %
 
-0.61
 %
 
-13.07
 %
 
-9.86
 %
 
-2.56
 %
 
-11.53%***

 
-1.80
 %
 
-2.86
 %
   Ratio of Expenses **
 
0.85
 %
 
0.85
 %
 
1.00
 %
 
1.00
 %
 
0.85
 %
 
1.00
 %
 
0.85
 %
 
0.85
%
 
0.85
 %
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
14.787338

 
$
10.298111

 
$
12.616592

 
$
28.017891

 
$
13.131852

 
$
21.486406

 
$
14.013720

 
 n/a

 
$
17.727784

 
$
22.716419

   Total Return *
 
2.31
 %
 
-10.19
 %
 
6.23
 %
 
4.35
 %
 
-5.75
 %
 
12.01
 %
 
7.88%***

 
n/a

 
14.05
 %
 
-0.61
 %
   Ratio of Expenses **
 
0.85
 %
 
0.85
 %
 
1.00
 %
 
1.00
 %
 
0.85
 %
 
1.00
 %
 
0.85
 %
 
n/a

 
0.85
 %
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
14.453221

 
$
11.466425

 
$
11.876608

 
$
26.850742

 
$
13.932381

 
$
19.182812

 
$
12.277330

 
 n/a

 
$
15.543249

 
$
22.856352

   Total Return *
 
7.41%***

 
31.29
 %
 
27.02
 %
 
-2.04
 %
 
-8.62
 %
 
31.41
 %
 
32.86
 %
 
n/a

 
1.89
 %
 
17.97
 %
   Ratio of Expenses **
 
0.85
 %
 
0.85
 %
 
1.00
 %
 
1.00
 %
 
0.85
 %
 
1.00
 %
 
1.00
 %
 
n/a

 
0.85
 %
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
12.650659

 
$
8.733615

 
$
9.350544

 
$
27.408901

 
$
15.246667

 
$
14.597526

 
$
9.240592

 
 n/a

 
$
15.254441

 
$
19.374720

   Total Return *
 
11.08
 %
 
26.34%***

 
12.53
 %
 
6.69
 %
 
13.70%***

 
16.84
 %
 
18.40
 %
 
n/a

 
10.94%***

 
15.08%***

   Ratio of Expenses **
 
1.00
 %
 
0.85
 %
 
1.00
 %
 
1.00
 %
 
0.85
 %
 
1.00
 %
 
1.00
 %
 
n/a

 
0.85
 %
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
11.388721

 
$
6.851335

 
$
8.309360

 
$
25.690746

 
$
12.747546

 
$
12.493934

 
$
7.804539

 
 n/a

 
$
11.871410

 
$
16.465808

   Total Return *
 
1.51
 %
 
-15.31
 %
 
-1.65%***

 
5.20
 %
 
-5.62
 %
 
-7.47
 %
 
-11.52
 %
 
n/a

 
-7.19
 %
 
-7.81
 %
   Ratio of Expenses **
 
1.00
 %
 
1.10
 %
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
n/a

 
1.00
 %
 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations April 27, 2015.


112
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/Franklin Templeton Income Fund - A
 
JNL/Franklin Templeton International Small Cap Growth Fund - A
 
JNL/Franklin Templeton Mutual Shares Fund - A
 
JNL/Goldman Sachs Core Plus Bond Fund - A
 
JNL/Goldman Sachs Emerging Markets Debt Fund - A
 
JNL/Goldman Sachs Mid Cap Value Fund - A
 
JNL/Goldman Sachs U.S. Equity Flex Fund - A
 
JNL/Harris Oakmark Global Equity Fund - A (a)
 
JNL/Invesco Global Real Estate Fund - A
 
JNL/Invesco International Growth Fund - A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Division data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
1,673,567

 
$
541,130

 
$
582,264

 
$
883,013

 
$
145,686

 
$
655,102

 
$
355,251

 
$
7,834

 
$
1,307,859

 
$
748,807

   Units Outstanding (in thousands)
 
130,230

 
53,458

 
50,956

 
34,958

 
13,269

 
35,545

 
27,432

 
890

 
79,885

 
38,013

   Investment Income Ratio *
 
3.96
%
 
0.93
%
 
3.33
%
 
2.12
%
 
0.00
%
 
0.55
%
 
0.00
%
 
0.00
%
 
2.72
%
 
1.87
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
1,997,944

 
$
424,814

 
$
625,966

 
$
774,773

 
$
197,207

 
$
718,036

 
$
316,099

 
 n/a

 
$
1,284,168

 
$
619,285

   Units Outstanding (in thousands)
 
142,444

 
43,002

 
51,540

 
30,480

 
15,558

 
35,055

 
23,730

 
n/a

 
76,820

 
30,512

   Investment Income Ratio *
 
3.33
%
 
0.81
%
 
0.77
%
 
2.33
%
 
1.68
%
 
0.80
%
 
0.06
%
 
n/a

 
1.30
%
 
1.09
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
1,556,741

 
$
419,451

 
$
559,365

 
$
605,070

 
$
238,605

 
$
553,903

 
$
186,128

 
 n/a

 
$
925,175

 
$
528,458

   Units Outstanding (in thousands)
 
113,194

 
38,005

 
48,751

 
24,753

 
17,677

 
30,170

 
15,730

 
n/a

 
62,885

 
25,919

   Investment Income Ratio *
 
4.10
%
 
1.10
%
 
0.91
%
 
2.68
%
 
7.14
%
 
0.40
%
 
0.17
%
 
n/a

 
3.26
%
 
1.13
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
1,127,679

 
$
241,752

 
$
391,902

 
$
732,593

 
$
317,364

 
$
370,054

 
$
122,758

 
 n/a

 
$
722,381

 
$
368,673

   Units Outstanding (in thousands)
 
92,341

 
28,647

 
43,187

 
29,456

 
21,400

 
26,395

 
13,715

 
n/a

 
49,885

 
21,339

   Investment Income Ratio *
 
4.85
%
 
1.60
%
 
1.54
%
 
2.43
%
 
0.00
%
 
1.12
%
 
0.39
%
 
n/a

 
0.78
%
 
1.76
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
830,111

 
$
159,531

 
$
310,557

 
$
576,804

 
$
325,784

 
$
282,268

 
$
92,895

 
 n/a

 
$
408,952

 
$
283,951

   Units Outstanding (in thousands)
 
75,202

 
23,703

 
38,323

 
24,660

 
26,008

 
23,437

 
12,224

 
n/a

 
35,711

 
18,827

   Investment Income Ratio *
 
4.30
%
 
1.52
%
 
2.60
%
 
2.12
%
 
4.64
%
 
0.63
%
 
0.12
%
 
n/a

 
2.76
%
 
0.70
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*    These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations April 27, 2015.


113
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/Invesco Large Cap Growth Fund - A
 
JNL/Invesco Mid Cap Value Fund - A
 
JNL/Invesco Small Cap Growth Fund - A
 
JNL/Ivy Asset Strategy Fund - A
 
JNL/JPMorgan MidCap Growth Fund - A
 
JNL/JPMorgan U.S. Government & Quality Bond Fund - A
 
JNL/Lazard Emerging Markets Fund - A
 
JNL/MC 10 x 10 Fund - A
 
JNL/MC Bond Index Fund - A
 
JNL/MC Dow Jones U.S. Contrarian Opportunities Index Fund - A (a) (b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Highest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
13.948614

 
$
16.520823

 
$
18.483324

 
$
10.663776

 
$
26.022254

 
$
12.752198

 
$
8.184092

 
$
10.714122

 
$
9.969555

 
$
12.743904

   Total Return *
 
1.14
 %
 
-12.38
 %
 
-5.18
 %
 
-12.37
 %
 
-0.64
 %
 
-3.24
 %
 
-21.57
 %
 
-5.29
 %
 
-3.95
 %
 
-9.62
 %
   Ratio of Expenses **
 
3.75
 %
 
3.70
 %
 
3.51
 %
 
3.61
 %
 
3.61
 %
 
3.75
 %
 
3.61
 %
 
3.15
 %
 
3.91
 %
 
2.75
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
13.791536

 
$
18.854467

 
$
19.493406

 
$
12.169467

 
$
26.190385

 
$
13.179311

 
$
10.435151

 
$
11.312659

 
$
10.379965

 
$
14.100516

   Total Return *
 
4.35
 %
 
5.29
 %
 
4.27
 %
 
-7.44
 %
 
7.25
 %
 
1.52
 %
 
-8.62
 %
 
4.91
 %
 
1.56
 %
 
3.82
 %
   Ratio of Expenses **
 
3.75
 %
 
3.70
 %
 
3.51
 %
 
3.61
 %
 
3.61
 %
 
3.75
 %
 
3.61
 %
 
3.15
 %
 
3.91
 %
 
2.75
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
13.217218

 
$
17.907494

 
$
18.695987

 
$
13.147456

 
$
24.419652

 
$
12.981881

 
$
11.419062

 
$
10.783580

 
$
10.220022

 
$
13.581782

   Total Return *
 
34.44
 %
 
26.15
 %
 
34.87
 %
 
19.27
 %
 
37.00
 %
 
-7.07
 %
 
-4.60
 %
 
23.75
 %
 
-6.46
 %
 
8.18%***

   Ratio of Expenses **
 
3.75
 %
 
3.70
 %
 
3.51
 %
 
3.61
 %
 
3.61
 %
 
3.75
 %
 
3.61
 %
 
3.15
 %
 
3.91
 %
 
2.75
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
9.831170

 
$
14.195139

 
$
13.862312

 
$
11.023491

 
$
17.824941

 
$
13.968818

 
$
11.969985

 
$
8.714196

 
$
10.925875

 
$
10.050283

   Total Return *
 
8.34
 %
 
3.83
 %
 
13.61
 %
 
13.09
 %
 
12.11
 %
 
-0.18
 %
 
17.86
 %
 
12.36
 %
 
-0.37
 %
 
-1.04%***

   Ratio of Expenses **
 
3.75
 %
 
3.70
 %
 
3.51
 %
 
3.61
 %
 
3.61
 %
 
3.75
 %
 
3.61
 %
 
3.15
 %
 
3.91
 %
 
2.50
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
9.074299

 
$
13.672144

 
$
12.202050

 
$
9.747802

 
$
15.899613

 
$
13.994311

 
$
10.156056

 
$
7.755443

 
$
10.966479

 
 n/a

   Total Return *
 
-10.11
 %
 
-9.08
 %
 
-4.75
 %
 
-10.77
 %
 
-9.22
 %
 
5.80
 %
 
-20.66
 %
 
-5.11
 %
 
3.05
 %
 
n/a

   Ratio of Expenses **
 
3.75
 %
 
3.70
 %
 
3.51
 %
 
3.61
 %
 
3.61
 %
 
3.75
 %
 
3.61
 %
 
3.15
 %
 
3.91
 %
 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations April 30, 2012.
(b) The period is from January 1, 2015 through September 28, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements. Unit values disclosed are as of September 25, 2015.


114
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/Invesco Large Cap Growth Fund - A
 
JNL/Invesco Mid Cap Value Fund - A
 
JNL/Invesco Small Cap Growth Fund - A
 
JNL/Ivy Asset Strategy Fund - A
 
JNL/JPMorgan MidCap Growth Fund - A
 
JNL/JPMorgan U.S. Government & Quality Bond Fund - A
 
JNL/Lazard Emerging Markets Fund - A
 
JNL/MC 10 x 10 Fund - A
 
JNL/MC Bond Index Fund - A
 
JNL/MC Dow Jones U.S. Contrarian Opportunities Index Fund - A (a) (b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lowest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
20.598448

 
$
26.719638

 
$
26.947917

 
$
12.674122

 
$
45.994689

 
$
23.200168

 
$
10.686859

 
$
12.792888

 
$
15.284690

 
$
13.522567

   Total Return *
 
3.96
 %
 
-9.98
 %
 
-2.63
 %
 
-9.92
 %
 
2.14
 %
 
-0.39
 %
 
-19.38
 %
 
-3.33
 %
 
-0.97
 %
 
-8.46
 %
   Ratio of Expenses **
 
1.00
 %
 
1.00
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
1.10
 %
 
0.85
 %
 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
19.814012

 
$
29.683007

 
$
27.674511

 
$
14.069911

 
$
45.031588

 
$
23.291806

 
$
13.255328

 
$
13.234120

 
$
15.434299

 
$
14.771573

   Total Return *
 
7.25
 %
 
8.16
 %
 
7.08
 %
 
-4.85
 %
 
10.25
 %
 
0.30%***

 
-6.06
 %
 
7.07
 %
 
4.72
 %
 
4.06%***

   Ratio of Expenses **
 
1.00
 %
 
1.00
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
1.10
 %
 
0.85
 %
 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
18.473783

 
$
27.442472

 
$
25.845666

 
$
14.786813

 
$
40.843937

 
$
21.674062

 
$
14.110266

 
$
12.359803

 
$
14.738494

 
$
13.961531

   Total Return *
 
38.19
 %
 
29.60
 %
 
38.51
 %
 
22.61
 %
 
40.83
 %
 
-4.47
 %
 
-1.93
 %
 
26.30
 %
 
-3.55
 %
 
37.62
 %
   Ratio of Expenses **
 
1.00
 %
 
1.00
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
1.00
 %
 
0.85
 %
 
1.10
 %
 
0.85
 %
 
1.10
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
13.368320

 
$
21.174982

 
$
18.660443

 
$
12.060489

 
$
29.002075

 
$
22.689155

 
$
14.388358

 
$
9.785758

 
$
15.281543

 
$
10.145041

   Total Return *
 
11.37
 %
 
6.67
 %
 
11.09%***

 
11.75%***

 
9.41%***

 
2.61
 %
 
18.02%***

 
14.69
 %
 
-0.46%***

 
0.80%***

   Ratio of Expenses **
 
1.00
 %
 
1.00
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
1.00
 %
 
0.85
 %
 
1.10
 %
 
0.85
 %
 
1.10
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
12.003511

 
$
19.851042

 
$
15.751828

 
$
10.338760

 
$
24.544669

 
$
22.112284

 
$
11.774602

 
$
8.532328

 
$
14.655253

 
 n/a

   Total Return *
 
-7.61
 %
 
-6.60
 %
 
-2.34
 %
 
-8.41
 %
 
-6.83
 %
 
8.74
 %
 
-18.57
 %
 
-3.16
 %
 
6.09
 %
 
n/a

   Ratio of Expenses **
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
1.10
 %
 
1.00
 %
 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations April 30, 2012.
(b) The period is from January 1, 2015 through September 28, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements. Unit values disclosed are as of September 25, 2015.


115
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/Invesco Large Cap Growth Fund - A
 
JNL/Invesco Mid Cap Value Fund - A
 
JNL/Invesco Small Cap Growth Fund - A
 
JNL/Ivy Asset Strategy Fund - A
 
JNL/JPMorgan MidCap Growth Fund - A
 
JNL/JPMorgan U.S. Government & Quality Bond Fund - A
 
JNL/Lazard Emerging Markets Fund - A
 
JNL/MC 10 x 10 Fund - A
 
JNL/MC Bond Index Fund - A
 
JNL/MC Dow Jones U.S. Contrarian Opportunities Index Fund - A (a) (b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Division data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
636,638

 
$
276,598

 
$
935,307

 
$
2,259,091

 
$
1,069,598

 
$
761,725

 
$
361,719

 
$
370,036

 
$
728,111

 
$
—

   Units Outstanding (in thousands)
 
33,108

 
11,290

 
37,628

 
184,904

 
26,422

 
37,238

 
35,630

 
29,809

 
51,662

 
—

   Investment Income Ratio *
 
0.00
%
 
0.33
%
 
0.00
%
 
0.67
%
 
0.00
%
 
2.33
%
 
2.97
%
 
1.96
%
 
2.00
%
 
0.35
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
565,050

 
$
311,143

 
$
608,506

 
$
2,903,055

 
$
740,281

 
$
633,096

 
$
492,895

 
$
393,769

 
$
652,067

 
$
98,137

   Units Outstanding (in thousands)
 
30,356

 
11,428

 
23,795

 
212,888

 
18,804

 
30,951

 
39,087

 
30,580

 
45,782

 
6,735

   Investment Income Ratio *
 
0.05
%
 
0.22
%
 
0.00
%
 
1.07
%
 
0.00
%
 
3.27
%
 
1.62
%
 
1.81
%
 
3.40
%
 
0.46
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
511,566

 
$
259,709

 
$
475,736

 
$
2,907,755

 
$
519,827

 
$
544,463

 
$
592,311

 
$
352,151

 
$
526,103

 
$
61,672

   Units Outstanding (in thousands)
 
29,452

 
10,304

 
19,910

 
202,080

 
14,679

 
27,676

 
44,012

 
29,211

 
38,624

 
4,450

   Investment Income Ratio *
 
0.41
%
 
0.19
%
 
0.13
%
 
1.41
%
 
0.19
%
 
3.09
%
 
1.37
%
 
2.10
%
 
2.02
%
 
0.80
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
328,821

 
$
202,356

 
$
220,180

 
$
1,950,723

 
$
277,546

 
$
825,483

 
$
714,704

 
$
278,794

 
$
594,553

 
$
6,762

   Units Outstanding (in thousands)
 
26,085

 
10,391

 
12,723

 
165,395

 
11,186

 
40,223

 
51,917

 
29,123

 
42,018

 
669

   Investment Income Ratio *
 
0.00
%
 
0.26
%
 
0.00
%
 
0.11
%
 
0.00
%
 
2.32
%
 
1.92
%
 
2.39
%
 
2.11
%
 
0.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
301,831

 
$
206,248

 
$
167,008

 
$
1,322,819

 
$
199,952

 
$
715,934

 
$
738,739

 
$
244,930

 
$
597,160

 
 n/a

   Units Outstanding (in thousands)
 
26,626

 
11,308

 
11,220

 
129,612

 
9,357

 
35,866

 
64,678

 
29,259

 
43,197

 
n/a

   Investment Income Ratio *
 
0.16
%
 
0.67
%
 
0.00
%
 
0.15
%
 
0.00
%
 
2.84
%
 
1.00
%
 
1.49
%
 
2.94
%
 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*    These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations April 30, 2012.
(b) The period is from January 1, 2015 through September 28, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements.


116
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/MC Emerging Markets Index Fund - A (a)
 
JNL/MC European 30 Fund - A
 
JNL/MC Global Alpha Fund - A (c)
 
JNL/MC Index 5 Fund - A
 
JNL/MC International Index Fund - A
 
JNL/MC Pacific Rim 30 Fund - A
 
JNL/MC S&P 400 MidCap Index Fund - A
 
JNL/MC S&P 500 Index Fund - A
 
JNL/MC Small Cap Index Fund - A
 
JNL/MC Utilities Sector Fund - A (b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Highest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
7.198031

 
$
12.365901

 
$
9.556553

 
$
10.645357

 
$
11.899766

 
$
14.466271

 
$
18.064539

 
$
12.663717

 
$
15.346861

 
$
11.085421

   Total Return *
 
-18.13
 %
 
-4.94
 %
 
7.91
 %
 
-4.96
 %
 
-4.86
 %
 
1.80
 %
 
-6.40
 %
 
-2.98
 %
 
-8.21
 %
 
-6.58
 %
   Ratio of Expenses **
 
3.41
 %
 
3.10
 %
 
2.85
 %
 
3.61
 %
 
3.90
 %
 
3.06
 %
 
3.90
 %
 
3.90
 %
 
3.90
 %
 
1.25
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
8.792418

 
$
13.007919

 
$
8.855775

 
$
11.201085

 
$
12.508248

 
$
14.209829

 
$
19.300451

 
$
13.052758

 
$
16.718627

 
$
11.866305

   Total Return *
 
-6.92
 %
 
-9.38%***

 
-4.12
 %
 
1.57
 %
 
-9.67
 %
 
0.10
 %
 
5.06
 %
 
8.75
 %
 
0.65
 %
 
24.63
 %
   Ratio of Expenses **
 
3.41
 %
 
3.10
 %
 
2.85
 %
 
3.61
 %
 
3.90
 %
 
3.06
 %
 
3.90
 %
 
3.90
 %
 
3.90
 %
 
1.25
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
9.445726

 
$
13.923146

 
$
9.236370

 
$
11.028228

 
$
13.847698

 
$
14.195485

 
$
18.371028

 
$
12.002518

 
$
16.610102

 
$
9.520999

   Total Return *
 
-7.37
 %
 
26.68
 %
 
-4.14
 %
 
19.36
 %
 
16.79
 %
 
9.26
 %
 
27.91
 %
 
26.61
 %
 
33.15
 %
 
-5.07%***

   Ratio of Expenses **
 
3.41
 %
 
3.05
 %
 
2.85
 %
 
3.61
 %
 
3.90
 %
 
3.06
 %
 
3.90
 %
 
3.90
 %
 
3.90
 %
 
1.25
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.197331

 
$
10.990367

 
$
9.635187

 
$
9.239827

 
$
11.856901

 
$
12.992143

 
$
14.362100

 
$
9.479910

 
$
12.475036

 
 n/a

   Total Return *
 
4.72%***

 
5.37
 %
 
-4.65
 %
 
9.90
 %
 
13.50
 %
 
8.64
 %
 
12.75
 %
 
10.95
 %
 
11.45
 %
 
n/a

   Ratio of Expenses **
 
3.41
 %
 
3.05
 %
 
2.85
 %
 
3.61
 %
 
3.90
 %
 
3.06
 %
 
3.90
 %
 
3.90
 %
 
3.90
 %
 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
8.995976

 
$
10.430452

 
$
10.104784

 
$
8.407176

 
$
10.446888

 
$
11.959022

 
$
12.737916

 
$
8.544069

 
$
11.193412

 
 n/a

   Total Return *
 
-1.25%***

 
-10.13
 %
 
0.00
 %
 
-5.55
 %
 
-15.61
 %
 
-4.82
 %
 
-5.87
 %
 
-2.40
 %
 
-7.98
 %
 
n/a

   Ratio of Expenses **
 
2.76
 %
 
3.05
 %
 
2.85
 %
 
3.61
 %
 
3.90
 %
 
3.06
 %
 
3.90
 %
 
3.90
 %
 
3.90
 %
 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations August 29, 2011.
(b) Commencement of operations April 29, 2013.
(c) The period is from January 1, 2015 through April 27, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements. Unit values disclosed are as of April 24, 2015.


117
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/MC Emerging Markets Index Fund - A (a)
 
JNL/MC European 30 Fund - A
 
JNL/MC Global Alpha Fund - A (c)
 
JNL/MC Index 5 Fund - A
 
JNL/MC International Index Fund - A
 
JNL/MC Pacific Rim 30 Fund - A
 
JNL/MC S&P 400 MidCap Index Fund - A
 
JNL/MC S&P 500 Index Fund - A
 
JNL/MC Small Cap Index Fund - A
 
JNL/MC Utilities Sector Fund - A (b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lowest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
8.043725

 
$
14.548004

 
$
10.681364

 
$
13.524652

 
$
18.202433

 
$
16.974553

 
$
27.632446

 
$
19.371004

 
$
23.475323

 
$
11.204657

   Total Return *
 
-16.01
 %
 
-2.78
 %
 
8.59
 %
 
-2.30
 %
 
-1.92
 %
 
4.08
 %
 
-3.51
 %
 
0.02
%
 
-5.37
 %
 
-6.21
 %
   Ratio of Expenses **
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
%
 
0.85
 %
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
9.577086

 
$
14.963565

 
$
9.836620

 
$
13.843271

 
$
18.559336

 
$
16.309187

 
$
28.637481

 
$
19.367270

 
$
24.806629

 
$
11.946061

   Total Return *
 
-4.50%***

 
-4.22%***

 
-2.17
 %
 
1.80%***

 
-6.88
 %
 
2.34
 %
 
8.31
 %
 
12.11
%
 
3.77
 %
 
18.24%***

   Ratio of Expenses **
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
%
 
0.85
 %
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
9.993648

 
$
15.500268

 
$
10.055266

 
$
13.039753

 
$
19.930514

 
$
15.936592

 
$
26.440862

 
$
17.274803

 
$
23.906412

 
$
9.537077

   Total Return *
 
-5.11
 %
 
29.31
 %
 
-2.21
 %
 
22.39
 %
 
15.30%***

 
-3.10%***

 
31.87
 %
 
30.52
%
 
37.26
 %
 
-4.63%***

   Ratio of Expenses **
 
1.00
 %
 
1.00
 %
 
0.85
 %
 
1.10
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
%
 
0.85
 %
 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.531939

 
$
11.986924

 
$
10.282233

 
$
10.654331

 
$
16.284647

 
$
14.176805

 
$
20.050957

 
$
13.234863

 
$
17.416440

 
 n/a

   Total Return *
 
7.18%***

 
0.27%***

 
-0.24%***

 
12.71
 %
 
16.84
 %
 
10.91
 %
 
2.44%***

 
1.28%***

 
3.62%***

 
n/a

   Ratio of Expenses **
 
1.00
 %
 
1.00
 %
 
0.85
 %
 
1.10
 %
 
1.00
 %
 
1.00
 %
 
0.85
 %
 
0.85
%
 
0.85
 %
 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.354126

 
$
11.108943

 
$
10.510301

 
$
9.453252

 
$
13.937538

 
$
12.782667

 
$
16.994019

 
$
11.398882

 
$
14.933609

 
 n/a

   Total Return *
 
16.86%***

 
-8.37
 %
 
1.76
 %
 
-3.15
 %
 
-13.13
 %
 
-2.85
 %
 
-3.11
 %
 
0.46
%
 
-5.29
 %
 
n/a

   Ratio of Expenses **
 
1.15
 %
 
1.10
 %
 
1.10
 %
 
1.10
 %
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
1.00
%
 
1.00
 %
 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations August 29, 2011.
(b) Commencement of operations April 29, 2013.
(c) The period is from January 1, 2015 through April 27, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements. Unit values disclosed are as of April 24, 2015.


118
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/MC Emerging Markets Index Fund - A (a)
 
JNL/MC European 30 Fund - A
 
JNL/MC Global Alpha Fund - A (c)
 
JNL/MC Index 5 Fund - A
 
JNL/MC International Index Fund - A
 
JNL/MC Pacific Rim 30 Fund - A
 
JNL/MC S&P 400 MidCap Index Fund - A
 
JNL/MC S&P 500 Index Fund - A
 
JNL/MC Small Cap Index Fund - A
 
JNL/MC Utilities Sector Fund - A (b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Division data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
472,166

 
$
433,280

 
$
—

 
$
685,602

 
$
1,004,071

 
$
219,873

 
$
1,500,007

 
$
3,706,170

 
$
1,176,866

 
$
40,435

   Units Outstanding (in thousands)
 
60,211

 
31,079

 
—

 
53,342

 
59,596

 
13,507

 
58,797

 
206,598

 
54,213

 
3,629

   Investment Income Ratio *
 
1.60
%
 
1.88
%
 
0.00
%
 
1.79
%
 
2.28
%
 
2.27
%
 
0.93
%
 
1.49
%
 
0.59
%
 
1.26
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
476,725

 
$
245,362

 
$
41,144

 
$
681,568

 
$
856,845

 
$
115,034

 
$
1,279,352

 
$
3,229,425

 
$
1,179,021

 
$
43,476

   Units Outstanding (in thousands)
 
50,803

 
17,013

 
4,290

 
51,594

 
49,801

 
7,314

 
48,284

 
179,675

 
51,331

 
3,654

   Investment Income Ratio *
 
1.17
%
 
1.19
%
 
10.32
%
 
1.39
%
 
3.45
%
 
2.54
%
 
0.94
%
 
1.33
%
 
1.01
%
 
0.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
384,617

 
$
133,957

 
$
45,949

 
$
648,975

 
$
730,995

 
$
91,439

 
$
1,090,084

 
$
2,360,165

 
$
1,167,462

 
$
2,976

   Units Outstanding (in thousands)
 
38,940

 
8,872

 
4,671

 
51,033

 
39,549

 
5,929

 
44,573

 
146,683

 
52,683

 
312

   Investment Income Ratio *
 
0.83
%
 
1.59
%
 
0.00
%
 
1.56
%
 
2.62
%
 
3.93
%
 
0.86
%
 
1.46
%
 
1.26
%
 
4.57
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
208,650

 
$
28,206

 
$
46,259

 
$
492,250

 
$
519,993

 
$
53,928

 
$
607,048

 
$
1,285,269

 
$
559,727

 
 n/a

   Units Outstanding (in thousands)
 
19,953

 
2,405

 
4,587

 
47,205

 
33,781

 
3,884

 
32,654

 
103,714

 
34,612

 
n/a

   Investment Income Ratio *
 
0.06
%
 
3.88
%
 
0.00
%
 
1.58
%
 
2.80
%
 
1.89
%
 
1.08
%
 
1.74
%
 
1.82
%
 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
3,375

 
$
19,793

 
$
50,622

 
$
380,323

 
$
407,505

 
$
41,344

 
$
463,970

 
$
892,032

 
$
411,164

 
 n/a

   Units Outstanding (in thousands)
 
374

 
1,806

 
4,865

 
40,956

 
30,833

 
3,288

 
28,874

 
81,632

 
29,011

 
n/a

   Investment Income Ratio *
 
0.00
%
 
1.93
%
 
0.78
%
 
1.04
%
 
2.60
%
 
1.51
%
 
0.63
%
 
1.83
%
 
0.77
%
 
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*    These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations August 29, 2011.
(b) Commencement of operations April 29, 2013.
(c) The period is from January 1, 2015 through April 27, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements.


119
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/MMRS Conservative Fund - A (c)
 
JNL/MMRS Growth Fund - A (c)
 
JNL/MMRS Moderate Fund - A (c)
 
JNL/Morgan Stanley Mid Cap Growth Fund - A (b)
 
JNL/Neuberger Berman Strategic Income Fund - A (b)
 
JNL/Oppenheimer Emerging Markets Innovator Fund - A (d)
 
JNL/Oppenheimer Global Growth Fund - A
 
JNL/PIMCO Real Return Fund - A
 
JNL/PIMCO Total Return Bond Fund - A
 
JNL/PPM America Floating Rate Income Fund - A (a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Highest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.037407

 
$
9.645517

 
$
9.773005

 
$
11.291354

 
$
9.752914

 
$
8.418210

 
$
13.969379

 
$
10.750670

 
$
12.664524

 
$
9.592890

   Total Return *
 
-3.50
 %
 
-6.82
 %
 
-5.77
 %
 
-7.10
 %
 
-4.20
 %
 
-15.73%***

 
0.12
 %
 
-6.54
 %
 
-3.45
 %
 
-4.30
 %
   Ratio of Expenses **
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
2.95
 %
 
3.05
 %
 
1.25
%
 
3.61
 %
 
3.61
 %
 
3.91
 %
 
3.11
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.401640

 
$
10.351860

 
$
10.371888

 
$
12.154486

 
$
10.180932

 
 n/a

 
$
13.952717

 
$
11.503020

 
$
13.116391

 
$
10.024199

   Total Return *
 
3.43%***

 
2.96%***

 
3.41%***

 
-3.29
 %
 
0.26%***

 
n/a

 
-1.71
 %
 
-0.37
 %
 
-0.01
 %
 
-2.86
 %
   Ratio of Expenses **
 
1.25
 %
 
1.25
 %
 
1.25
 %
 
2.95
 %
 
3.05
 %
 
n/a

 
3.61
 %
 
3.61
 %
 
3.91
 %
 
3.11
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
 n/a

 
 n/a

 
 n/a

 
$
12.568236

 
$
10.031476

 
 n/a

 
$
14.194996

 
$
11.545747

 
$
13.117925

 
$
10.318816

   Total Return *
 
n/a

 
n/a

 
n/a

 
12.43%***

 
0.91%***

 
n/a

 
21.76
 %
 
-12.35
 %
 
-5.83
 %
 
1.12
 %
   Ratio of Expenses **
 
n/a

 
n/a

 
n/a

 
2.95
 %
 
2.90
 %
 
n/a

 
3.61
 %
 
3.61
 %
 
3.91
 %
 
3.11
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
 n/a

 
 n/a

 
 n/a

 
$
9.405834

 
$
10.341022

 
 n/a

 
$
11.657821

 
$
13.172528

 
$
13.930277

 
$
10.204321

   Total Return *
 
n/a

 
n/a

 
n/a

 
1.41%***

 
3.61%***

 
n/a

 
16.25
 %
 
4.58
 %
 
3.93
 %
 
4.52
 %
   Ratio of Expenses **
 
n/a

 
n/a

 
n/a

 
2.85
 %
 
2.85
 %
 
n/a

 
3.61
 %
 
3.61
 %
 
3.91
 %
 
3.11
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
$
10.027837

 
$
12.596112

 
$
13.403110

 
$
9.763142

   Total Return *
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
-11.47
 %
 
7.76
 %
 
0.82
 %
 
3.18%***

   Ratio of Expenses **
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
3.61
 %
 
3.61
 %
 
3.91
 %
 
3.11
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations January 1, 2011.
(b) Commencement of operations April 30, 2012.
(c) Commencement of operations April 28, 2014.
(d) Commencement of operations April 27, 2015.

120
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/MMRS Conservative Fund - A (c)
 
JNL/MMRS Growth Fund - A (c)
 
JNL/MMRS Moderate Fund - A (c)
 
JNL/Morgan Stanley Mid Cap Growth Fund - A (b)
 
JNL/Neuberger Berman Strategic Income Fund - A (b)
 
JNL/Oppenheimer Emerging Markets Innovator Fund - A (d)
 
JNL/Oppenheimer Global Growth Fund - A
 
JNL/PIMCO Real Return Fund - A
 
JNL/PIMCO Total Return Bond Fund - A
 
JNL/PPM America Floating Rate Income Fund - A (a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lowest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.104944

 
$
9.710614

 
$
9.838774

 
$
12.085179

 
$
10.476995

 
$
8.441115

 
$
20.487899

 
$
13.765953

 
$
21.859740

 
$
10.738975

   Total Return *
 
-3.11
 %
 
-6.45
 %
 
-5.40
 %
 
-5.37
 %
 
-2.32
 %
 
-12.77%***

 
2.77
 %
 
-3.92
 %
 
-0.44
 %
 
-2.12
 %
   Ratio of Expenses **
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
1.10
 %
 
1.10
 %
 
0.85
%
 
1.00
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.429832

 
$
10.380118

 
$
10.400011

 
$
12.770519

 
$
10.725547

 
 n/a

 
$
19.936239

 
$
14.328320

 
$
21.957377

 
$
10.971037

   Total Return *
 
2.34%***

 
-0.65%***

 
1.74%***

 
-1.49
 %
 
3.75
 %
 
n/a

 
0.89
 %
 
2.42
 %
 
3.10
 %
 
-0.63
 %
   Ratio of Expenses **
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
1.10
 %
 
1.10
 %
 
n/a

 
1.00
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
 n/a

 
 n/a

 
 n/a

 
$
12.963200

 
$
10.338020

 
 n/a

 
$
19.759860

 
$
13.990021

 
$
21.298086

 
$
11.041085

   Total Return *
 
n/a

 
n/a

 
n/a

 
36.22
 %
 
-1.19
 %
 
n/a

 
24.98
 %
 
-9.90
 %
 
-2.91
 %
 
3.43
 %
   Ratio of Expenses **
 
n/a

 
n/a

 
n/a

 
1.10
 %
 
1.10
 %
 
n/a

 
1.00
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
 n/a

 
 n/a

 
 n/a

 
$
9.516360

 
$
10.462631

 
 n/a

 
$
15.809947

 
$
15.526658

 
$
21.935375

 
$
10.674570

   Total Return *
 
n/a

 
n/a

 
n/a

 
5.43%***

 
0.97%***

 
n/a

 
19.34
 %
 
2.48%***

 
0.51%***

 
4.60%***

   Ratio of Expenses **
 
n/a

 
n/a

 
n/a

 
1.10
 %
 
1.10
 %
 
n/a

 
1.00
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
$
13.248085

 
$
14.335478

 
$
20.048385

 
$
9.970069

   Total Return *
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
-9.13
 %
 
10.61
 %
 
3.79
 %
 
-1.04%***

   Ratio of Expenses **
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
1.00
 %
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations January 1, 2011.
(b) Commencement of operations April 30, 2012.
(c) Commencement of operations April 28, 2014.
(d) Commencement of operations April 27, 2015.

121
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/MMRS Conservative Fund - A (c)
 
JNL/MMRS Growth Fund - A (c)
 
JNL/MMRS Moderate Fund - A (c)
 
JNL/Morgan Stanley Mid Cap Growth Fund - A (b)
 
JNL/Neuberger Berman Strategic Income Fund - A (b)
 
JNL/Oppenheimer Emerging Markets Innovator Fund - A (d)
 
JNL/Oppenheimer Global Growth Fund - A
 
JNL/PIMCO Real Return Fund - A
 
JNL/PIMCO Total Return Bond Fund - A
 
JNL/PPM America Floating Rate Income Fund - A (a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Division data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
445,451

 
$
51,577

 
$
206,681

 
$
102,045

 
$
400,063

 
$
4,549

 
$
939,327

 
$
1,111,946

 
$
3,046,392

 
$
1,180,389

   Units Outstanding (in thousands)
 
44,243

 
5,328

 
21,078

 
8,554

 
38,705

 
539

 
49,191

 
85,311

 
155,693

 
113,074

   Investment Income Ratio *
 
0.00
%
 
0.00
%
 
0.00
%
 
0.00
%
 
1.44
%
 
0.00
%
 
0.91
%
 
3.56
%
 
2.89
%
 
3.88
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
24,944

 
$
17,561

 
$
44,029

 
$
84,870

 
$
333,743

 
 n/a

 
$
693,161

 
$
1,317,828

 
$
3,192,629

 
$
1,190,883

   Units Outstanding (in thousands)
 
2,395

 
1,694

 
4,240

 
6,711

 
31,464

 
n/a

 
37,217

 
96,758

 
162,080

 
111,124

   Investment Income Ratio *
 
0.00
%
 
0.00
%
 
0.00
%
 
0.00
%
 
1.06
%
 
n/a

 
0.59
%
 
0.70
%
 
3.28
%
 
2.34
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
 n/a

 
 n/a

 
 n/a

 
$
59,316

 
$
133,549

 
 n/a

 
$
601,435

 
$
1,358,822

 
$
3,417,014

 
$
1,077,933

   Units Outstanding (in thousands)
 
n/a

 
n/a

 
n/a

 
4,608

 
13,007

 
n/a

 
32,482

 
101,678

 
178,424

 
99,528

   Investment Income Ratio *
 
n/a

 
n/a

 
n/a

 
0.00
%
 
0.19
%
 
n/a

 
1.04
%
 
1.15
%
 
1.11
%
 
2.27
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
 n/a

 
 n/a

 
 n/a

 
$
11,508

 
$
66,681

 
 n/a

 
$
375,828

 
$
2,175,079

 
$
4,251,064

 
$
278,372

   Units Outstanding (in thousands)
 
n/a

 
n/a

 
n/a

 
1,212

 
6,393

 
n/a

 
25,292

 
146,138

 
215,752

 
26,438

   Investment Income Ratio *
 
n/a

 
n/a

 
n/a

 
0.67
%
 
0.00
%
 
n/a

 
1.07
%
 
2.08
%
 
2.19
%
 
3.34
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
$
284,666

 
$
1,526,239

 
$
2,980,927

 
$
129,210

   Units Outstanding (in thousands)
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
22,760

 
109,600

 
161,304

 
13,038

   Investment Income Ratio *
 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
0.62
%
 
0.99
%
 
3.19
%
 
0.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*    These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations January 1, 2011.
(b) Commencement of operations April 30, 2012.
(c) Commencement of operations April 28, 2014.
(d) Commencement of operations April 27, 2015.


122
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/PPM America High Yield Bond Fund - A
 
JNL/PPM America Mid Cap Value Fund - A
 
JNL/PPM America Small Cap Value Fund - A
 
JNL/PPM America Value Equity Fund - A
 
JNL/Red Rocks Listed Private Equity Fund - A
 
JNL/S&P 4 Fund - A
 
JNL/S&P Competitive Advantage Fund - A
 
JNL/S&P Dividend Income & Growth Fund - A
 
JNL/S&P International 5 Fund - A (a)
 
JNL/S&P Intrinsic Value Fund - A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Highest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
12.130227

 
$
12.707547

 
$
12.614826

 
$
17.050075

 
$
12.397971

 
$
15.720931

 
$
17.446068

 
$
15.114905

 
$
9.108667

 
$
15.828810

   Total Return *
 
-10.19
 %
 
-11.32
 %
 
-6.91
 %
 
-11.94
 %
 
-3.85
 %
 
-8.41
 %
 
-2.40
 %
 
-2.79
 %
 
-3.36
 %
 
-16.90
 %
   Ratio of Expenses **
 
3.61
 %
 
3.61
 %
 
3.61
 %
 
3.61
 %
 
3.51
 %
 
3.61
 %
 
3.61
 %
 
3.51
 %
 
1.25
 %
 
3.61
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
13.506244

 
$
14.330078

 
$
13.551685

 
$
19.361326

 
$
12.893861

 
$
17.164728

 
$
17.874961

 
$
15.548089

 
$
9.425466

 
$
19.046941

   Total Return *
 
-3.42
 %
 
6.53
 %
 
2.10
 %
 
8.51
 %
 
-2.85
 %
 
10.34
 %
 
6.15
 %
 
9.77
 %
 
-5.92%***

 
13.85
 %
   Ratio of Expenses **
 
3.61
 %
 
3.61
 %
 
3.61
 %
 
3.61
 %
 
3.51
 %
 
3.61
 %
 
3.61
 %
 
3.51
 %
 
1.25
 %
 
3.61
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
13.984681

 
$
13.451379

 
$
13.273272

 
$
17.843244

 
$
13.272425

 
$
15.555573

 
$
16.838644

 
$
14.163602

 
 n/a

 
$
16.729426

   Total Return *
 
4.36
 %
 
36.08
 %
 
32.48
 %
 
35.26
 %
 
36.78
 %
 
38.54
 %
 
37.87
 %
 
26.27
 %
 
n/a

 
44.63
 %
   Ratio of Expenses **
 
3.61
 %
 
3.61
 %
 
3.61
 %
 
3.61
 %
 
3.51
 %
 
3.61
 %
 
3.61
 %
 
3.51
 %
 
n/a

 
3.61
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
13.399916

 
$
9.884915

 
$
10.018823

 
$
13.192250

 
$
9.703725

 
$
11.228262

 
$
12.213561

 
$
11.216816

 
 n/a

 
$
11.566954

   Total Return *
 
12.60
 %
 
12.29
 %
 
15.43
 %
 
11.55
 %
 
25.76
 %
 
12.10
 %
 
12.48
 %
 
8.90
 %
 
n/a

 
10.05
 %
   Ratio of Expenses **
 
3.61
 %
 
3.61
 %
 
3.61
 %
 
3.61
 %
 
3.51
 %
 
3.61
 %
 
3.61
 %
 
3.51
 %
 
n/a

 
3.61
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
11.900255

 
$
8.802847

 
$
8.679633

 
$
11.826380

 
$
7.716122

 
$
10.016290

 
$
10.858481

 
$
10.299783

 
 n/a

 
$
10.510325

   Total Return *
 
0.97
 %
 
-10.69
 %
 
-11.28
 %
 
-8.61
 %
 
-20.79
 %
 
2.12
 %
 
6.62
 %
 
8.56
 %
 
n/a

 
2.75
 %
   Ratio of Expenses **
 
3.61
 %
 
3.61
 %
 
3.61
 %
 
3.61
 %
 
3.51
 %
 
3.61
 %
 
3.61
 %
 
3.51
 %
 
n/a

 
3.61
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations September 15, 2014.


123
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/PPM America High Yield Bond Fund - A
 
JNL/PPM America Mid Cap Value Fund - A
 
JNL/PPM America Small Cap Value Fund - A
 
JNL/PPM America Value Equity Fund - A
 
JNL/Red Rocks Listed Private Equity Fund - A
 
JNL/S&P 4 Fund - A
 
JNL/S&P Competitive Advantage Fund - A
 
JNL/S&P Dividend Income & Growth Fund - A
 
JNL/S&P International 5 Fund - A (a)
 
JNL/S&P Intrinsic Value Fund - A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lowest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
19.845798

 
$
15.739741

 
$
15.444411

 
$
29.221963

 
$
15.029441

 
$
19.646862

 
$
21.803786

 
$
18.738681

 
$
9.155837

 
$
19.783444

   Total Return *
 
-7.67
 %
 
-8.84
 %
 
-4.45
 %
 
-9.61
 %
 
-1.25
 %
 
-5.85
 %
 
0.33
%
 
-0.17
 %
 
-2.97
 %
 
-14.57
 %
   Ratio of Expenses **
 
0.85
 %
 
0.85
 %
 
1.00
 %
 
1.00
 %
 
0.85
 %
 
0.85
 %
 
0.85
%
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
21.495467

 
$
17.266208

 
$
16.163947

 
$
32.328263

 
$
15.220263

 
$
20.867215

 
$
21.731616

 
$
18.769716

 
$
9.436455

 
$
23.157505

   Total Return *
 
-0.72
 %
 
9.51
 %
 
4.80
 %
 
11.38%***

 
-0.23
 %
 
13.43
 %
 
13.35%***

 
7.26%***

 
-1.26%***

 
16.41%***

   Ratio of Expenses **
 
0.85
 %
 
0.85
 %
 
1.00
 %
 
1.00
 %
 
0.85
 %
 
0.85
 %
 
0.85
%
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
21.650988

 
$
15.766223

 
$
15.423975

 
$
28.490768

 
$
15.255852

 
$
18.396130

 
$
19.734087

 
$
16.498730

 
 n/a

 
$
19.606971

   Total Return *
 
7.28
 %
 
39.89
 %
 
35.99
 %
 
38.69
 %
 
40.46
 %
 
42.42
 %
 
41.51
%
 
29.48
 %
 
n/a

 
48.46
 %
   Ratio of Expenses **
 
0.85
 %
 
0.85
 %
 
1.00
 %
 
1.10
 %
 
0.85
 %
 
0.85
 %
 
1.00
%
 
1.00
 %
 
n/a

 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
20.180869

 
$
11.270586

 
$
11.342241

 
$
20.542233

 
$
10.861040

 
$
12.917126

 
$
13.944943

 
$
12.742209

 
 n/a

 
$
13.207260

   Total Return *
 
10.59%***

 
12.87%***

 
18.49
 %
 
14.39
 %
 
20.39%***

 
1.46%***

 
15.46
%
 
11.68
 %
 
n/a

 
12.97
 %
   Ratio of Expenses **
 
0.85
 %
 
0.85
 %
 
1.00
 %
 
1.10
 %
 
0.85
 %
 
0.85
 %
 
1.00
%
 
1.00
 %
 
n/a

 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
17.085087

 
$
9.672001

 
$
9.572316

 
$
17.957638

 
$
8.368520

 
$
11.140221

 
$
12.077498

 
$
11.409605

 
 n/a

 
$
11.690770

   Total Return *
 
3.63
 %
 
-8.42
 %
 
12.25%***

 
-6.30
 %
 
-18.78
 %
 
12.09%***

 
9.43
%
 
11.31
 %
 
n/a

 
5.46
 %
   Ratio of Expenses **
 
1.00
 %
 
1.10
 %
 
1.00
 %
 
1.10
 %
 
1.00
 %
 
1.00
 %
 
1.00
%
 
1.00
 %
 
n/a

 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations September 15, 2014.


124
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/PPM America High Yield Bond Fund - A
 
JNL/PPM America Mid Cap Value Fund - A
 
JNL/PPM America Small Cap Value Fund - A
 
JNL/PPM America Value Equity Fund - A
 
JNL/Red Rocks Listed Private Equity Fund - A
 
JNL/S&P 4 Fund - A
 
JNL/S&P Competitive Advantage Fund - A
 
JNL/S&P Dividend Income & Growth Fund - A
 
JNL/S&P International 5 Fund - A (a)
 
JNL/S&P Intrinsic Value Fund - A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Division data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
1,359,848

 
$
290,871

 
$
354,269

 
$
153,098

 
$
453,159

 
$
5,961,071

 
$
1,017,895

 
$
2,109,657

 
$
20,176

 
$
889,029

   Units Outstanding (in thousands)
 
76,517

 
19,267

 
23,863

 
5,949

 
31,138

 
317,278

 
49,066

 
118,250

 
2,209

 
47,146

   Investment Income Ratio *
 
5.73
%
 
0.72
%
 
0.60
%
 
0.00
%
 
5.64
%
 
5.26
%
 
0.79
%
 
2.38
%
 
1.07
%
 
1.01
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
1,605,817

 
$
303,240

 
$
199,124

 
$
202,023

 
$
497,609

 
$
4,667,941

 
$
768,629

 
$
2,242,010

 
$
2,469

 
$
1,041,965

   Units Outstanding (in thousands)
 
83,318

 
18,261

 
12,753

 
7,084

 
33,704

 
233,025

 
37,055

 
125,003

 
262

 
47,113

   Investment Income Ratio *
 
5.53
%
 
0.51
%
 
0.27
%
 
5.03
%
 
6.82
%
 
2.34
%
 
0.30
%
 
1.36
%
 
0.00
%
 
0.88
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
1,571,549

 
$
255,733

 
$
189,982

 
$
170,362

 
$
494,897

 
$
2,922,386

 
$
616,476

 
$
1,781,588

 
 n/a

 
$
605,777

   Units Outstanding (in thousands)
 
81,106

 
16,840

 
12,722

 
6,708

 
33,392

 
165,123

 
32,284

 
111,465

 
n/a

 
31,928

   Investment Income Ratio *
 
6.30
%
 
0.64
%
 
0.43
%
 
1.31
%
 
8.93
%
 
0.83
%
 
0.69
%
 
1.89
%
 
n/a

 
1.16
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
1,362,796

 
$
115,388

 
$
94,059

 
$
112,314

 
$
346,531

 
$
1,217,212

 
$
293,492

 
$
822,731

 
 n/a

 
$
230,392

   Units Outstanding (in thousands)
 
75,591

 
10,587

 
8,512

 
6,164

 
32,794

 
97,619

 
21,654

 
66,373

 
n/a

 
17,949

   Investment Income Ratio *
 
6.26
%
 
0.37
%
 
1.01
%
 
1.33
%
 
0.00
%
 
1.89
%
 
0.65
%
 
1.67
%
 
n/a

 
0.91
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
870,828

 
$
87,886

 
$
65,195

 
$
97,154

 
$
308,657

 
$
956,114

 
$
153,398

 
$
529,069

 
 n/a

 
$
197,440

   Units Outstanding (in thousands)
 
55,802

 
9,255

 
6,964

 
6,104

 
37,524

 
87,824

 
12,987

 
47,429

 
n/a

 
17,293

   Investment Income Ratio *
 
6.97
%
 
0.10
%
 
0.19
%
 
1.12
%
 
8.66
%
 
4.94
%
 
1.01
%
 
1.84
%
 
n/a

 
0.97
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*    These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations September 15, 2014.


125
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/S&P Managed Aggressive Growth Fund - A
 
JNL/S&P Managed Conservative Fund - A
 
JNL/S&P Managed Growth Fund - A
 
JNL/S&P Managed Moderate Fund - A
 
JNL/S&P Managed Moderate Growth Fund - A
 
JNL/S&P Mid 3 Fund - A (a)
 
JNL/S&P Total Yield Fund - A
 
JNL/Scout Unconstrained Bond Fund - A (a)
 
JNL/T. Rowe Price Established Growth Fund - A
 
JNL/T. Rowe Price Mid-Cap Growth Fund - A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Highest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
13.499307

 
$
10.290203

 
$
13.376898

 
$
11.471200

 
$
12.057079

 
$
9.697588

 
$
14.235652

 
$
9.371523

 
$
32.821580

 
$
49.933015

   Total Return *
 
-3.91
 %
 
-5.13
 %
 
-3.92
 %
 
-4.71
 %
 
-4.66
 %
 
-12.11%***

 
-11.00
 %
 
-1.76
 %
 
6.45
 %
 
2.38
 %
   Ratio of Expenses **
 
3.75
 %
 
3.70
 %
 
3.80
 %
 
3.70
 %
 
4.01
 %
 
3.01
%
 
3.61
 %
 
1.25
 %
 
3.91
 %
 
3.91
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
14.048148

 
$
10.847182

 
$
13.923369

 
$
12.038796

 
$
12.646828

 
$
11.210961

 
$
15.994421

 
$
9.538972

 
$
30.831434

 
$
48.770099

   Total Return *
 
2.65
 %
 
-0.62
 %
 
1.69
 %
 
0.21
 %
 
0.40
 %
 
10.80%***

 
11.78
 %
 
-4.61%***

 
4.54
 %
 
8.50
 %
   Ratio of Expenses **
 
3.75
 %
 
3.70
 %
 
3.80
 %
 
3.70
 %
 
4.01
 %
 
2.65
%
 
3.61
 %
 
1.25
 %
 
3.91
 %
 
3.91
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
13.685008

 
$
10.914940

 
$
13.691565

 
$
12.013979

 
$
12.596786

 
 n/a

 
$
14.308556

 
 n/a

 
$
29.492504

 
$
44.948972

   Total Return *
 
21.14
 %
 
0.73
 %
 
18.01
 %
 
6.42
 %
 
11.29
 %
 
n/a

 
46.30
 %
 
n/a

 
33.35
 %
 
31.27
 %
   Ratio of Expenses **
 
3.75
 %
 
3.70
 %
 
3.80
 %
 
3.70
 %
 
4.01
 %
 
n/a

 
3.61
 %
 
n/a

 
3.91
 %
 
3.91
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
11.296479

 
$
10.835956

 
$
11.601845

 
$
11.289240

 
$
11.318630

 
 n/a

 
$
9.780077

 
 n/a

 
$
22.116964

 
$
34.241931

   Total Return *
 
11.57
 %
 
4.82
 %
 
11.03
 %
 
6.89
 %
 
9.26
 %
 
n/a

 
17.50
 %
 
n/a

 
14.27
 %
 
9.22
 %
   Ratio of Expenses **
 
3.75
 %
 
3.70
 %
 
3.80
 %
 
3.70
 %
 
4.01
 %
 
n/a

 
3.61
 %
 
n/a

 
3.91
 %
 
3.91
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.125196

 
$
10.337958

 
$
10.449663

 
$
10.561571

 
$
10.359662

 
 n/a

 
$
8.323496

 
 n/a

 
$
19.355494

 
$
31.351508

   Total Return *
 
-8.29
 %
 
-0.61
 %
 
-6.74
 %
 
-2.81
 %
 
-5.14
 %
 
n/a

 
-8.75
 %
 
n/a

 
-4.96
 %
 
-5.23
 %
   Ratio of Expenses **
 
3.75
 %
 
3.70
 %
 
3.80
 %
 
3.70
 %
 
4.01
 %
 
n/a

 
3.61
 %
 
n/a

 
3.91
 %
 
3.91
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations April 28, 2014.


126
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/S&P Managed Aggressive Growth Fund - A
 
JNL/S&P Managed Conservative Fund - A
 
JNL/S&P Managed Growth Fund - A
 
JNL/S&P Managed Moderate Fund - A
 
JNL/S&P Managed Moderate Growth Fund - A
 
JNL/S&P Mid 3 Fund - A (a)
 
JNL/S&P Total Yield Fund - A
 
JNL/Scout Unconstrained Bond Fund - A (a)
 
JNL/T. Rowe Price Established Growth Fund - A
 
JNL/T. Rowe Price Mid-Cap Growth Fund - A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lowest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
21.988401

 
$
13.931217

 
$
21.979530

 
$
15.530152

 
$
20.562380

 
$
10.055206

 
$
17.791682

 
$
9.434563

 
$
61.722961

 
$
91.045726

   Total Return *
 
-1.23
 %
 
-2.54
 %
 
-1.20
 %
 
-2.11
 %
 
-1.75
 %
 
-11.37
 %
 
-8.51
 %
 
-1.36
 %
 
9.76
 %
 
5.41
 %
   Ratio of Expenses **
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
22.261653

 
$
14.294772

 
$
22.245717

 
$
15.865164

 
$
20.928576

 
$
11.344545

 
$
19.445573

 
$
9.564819

 
$
56.232932

 
$
86.374715

   Total Return *
 
5.52
 %
 
2.09
 %
 
4.58
 %
 
2.94
 %
 
3.47
 %
 
10.07%***

 
12.91%***

 
-3.82%***

 
7.79
 %
 
11.71
 %
   Ratio of Expenses **
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
0.85
 %
 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
21.097901

 
$
14.001567

 
$
21.271309

 
$
15.411454

 
$
20.227633

 
 n/a

 
$
16.769144

 
 n/a

 
$
52.169689

 
$
77.323934

   Total Return *
 
24.52
 %
 
3.48
 %
 
21.36
 %
 
9.33
 %
 
14.69
 %
 
n/a

 
50.17
 %
 
n/a

 
37.49
 %
 
35.15
 %
   Ratio of Expenses **
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
n/a

 
1.00
 %
 
n/a

 
0.85
 %
 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
16.943113

 
$
13.530606

 
$
17.526999

 
$
14.096669

 
$
17.636234

 
 n/a

 
$
11.166615

 
 n/a

 
$
37.943892

 
$
57.215482

   Total Return *
 
14.69
 %
 
7.69
 %
 
14.19
 %
 
9.82
 %
 
12.60
 %
 
n/a

 
20.62
 %
 
n/a

 
6.85%***

 
12.45
 %
   Ratio of Expenses **
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
n/a

 
1.00
 %
 
n/a

 
0.85
 %
 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
14.773287

 
$
12.564577

 
$
15.349276

 
$
12.836407

 
$
15.662054

 
 n/a

 
$
9.258036

 
 n/a

 
$
31.410950

 
$
50.879218

   Total Return *
 
-5.74
 %
 
2.10
 %
 
-4.10
 %
 
-0.16%***

 
-2.25%***

 
n/a

 
-6.34
 %
 
n/a

 
-2.16
 %
 
-2.44
 %
   Ratio of Expenses **
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
n/a

 
1.00
 %
 
n/a

 
1.00
 %
 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations April 28, 2014.


127
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/S&P Managed Aggressive Growth Fund - A
 
JNL/S&P Managed Conservative Fund - A
 
JNL/S&P Managed Growth Fund - A
 
JNL/S&P Managed Moderate Fund - A
 
JNL/S&P Managed Moderate Growth Fund - A
 
JNL/S&P Mid 3 Fund - A (a)
 
JNL/S&P Total Yield Fund - A
 
JNL/Scout Unconstrained Bond Fund - A (a)
 
JNL/T. Rowe Price Established Growth Fund - A
 
JNL/T. Rowe Price Mid-Cap Growth Fund - A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Division data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
1,664,641

 
$
1,389,796

 
$
4,587,195

 
$
2,971,042

 
$
5,606,997

 
$
218,007

 
$
477,082

 
$
31,988

 
$
3,513,721

 
$
3,180,255

   Units Outstanding (in thousands)
 
82,113

 
105,546

 
226,173

 
201,531

 
295,689

 
21,868

 
28,136

 
3,402

 
64,603

 
38,666

   Investment Income Ratio *
 
0.00
%
 
0.00
%
 
0.00
%
 
0.00
%
 
0.00
%
 
0.16
%
 
1.28
%
 
0.00
%
 
0.00
%
 
0.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
1,593,831

 
$
1,508,870

 
$
4,602,747

 
$
3,148,395

 
$
5,884,253

 
$
80,071

 
$
582,104

 
$
15,935

 
$
2,315,476

 
$
2,578,873

   Units Outstanding (in thousands)
 
77,401

 
111,332

 
223,764

 
208,440

 
304,433

 
7,084

 
31,339

 
1,668

 
46,745

 
33,064

   Investment Income Ratio *
 
0.47
%
 
0.29
%
 
0.53
%
 
0.20
%
 
0.23
%
 
0.00
%
 
1.00
%
 
0.00
%
 
0.00
%
 
0.15
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
1,425,616

 
$
1,567,878

 
$
4,178,451

 
$
3,071,065

 
$
5,616,026

 
 n/a

 
$
362,318

 
 n/a

 
$
2,019,757

 
$
2,161,052

   Units Outstanding (in thousands)
 
72,852

 
117,677

 
211,960

 
208,670

 
299,937

 
n/a

 
22,353

 
n/a

 
44,000

 
30,964

   Investment Income Ratio *
 
0.72
%
 
0.58
%
 
0.90
%
 
0.47
%
 
0.50
%
 
n/a

 
1.27
%
 
n/a

 
0.08
%
 
0.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
988,005

 
$
1,688,160

 
$
3,014,831

 
$
2,671,615

 
$
4,454,811

 
 n/a

 
$
112,891

 
 n/a

 
$
1,325,286

 
$
1,472,007

   Units Outstanding (in thousands)
 
62,719

 
130,695

 
184,990

 
197,840

 
272,199

 
n/a

 
10,415

 
n/a

 
39,723

 
28,527

   Investment Income Ratio *
 
0.94
%
 
2.59
%
 
1.27
%
 
1.88
%
 
1.55
%
 
n/a

 
0.96
%
 
n/a

 
0.00
%
 
0.21
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
748,866

 
$
1,187,614

 
$
2,273,056

 
$
1,942,414

 
$
3,240,548

 
 n/a

 
$
80,015

 
 n/a

 
$
901,594

 
$
1,176,491

   Units Outstanding (in thousands)
 
54,285

 
98,525

 
158,754

 
157,318

 
222,293

 
n/a

 
8,851

 
n/a

 
31,868

 
25,681

   Investment Income Ratio *
 
0.66
%
 
2.39
%
 
0.73
%
 
1.97
%
 
1.64
%
 
n/a

 
1.22
%
 
n/a

 
0.00
%
 
0.02
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*    These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations April 28, 2014.


128
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/T. Rowe Price Short-Term Bond Fund - A
 
JNL/T. Rowe Price Value Fund - A
 
JNL/Westchester Capital Event Driven Fund - A (a)
 
JNL/WMC Balanced Fund - A
 
JNL/WMC Money Market Fund - A
 
JNL/WMC Value Fund - A
 
JNL/MC 25 Fund - A (b)
 
JNL/MC Communications Sector Fund - A
 
JNL/MC Consumer Brands Sector Fund - A
 
JNL/MC Dow Index Fund - A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Highest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
8.316207

 
$
16.550775

 
$
9.409740

 
$
24.033526

 
$
7.430963

 
$
22.183699

 
$
14.547263

 
$
5.438960

 
$
16.208037

 
$
9.673063

   Total Return *
 
-3.24
 %
 
-5.61
 %
 
-5.57%***

 
-4.62
 %
 
-3.68
 %
 
-6.64
 %
 
-9.64
 %
 
-1.01
 %
 
2.14
%
 
-4.53
 %
   Ratio of Expenses **
 
3.61
 %
 
3.91
 %
 
1.25
%
 
3.80
 %
 
3.75
 %
 
3.70
 %
 
4.00
 %
 
3.71
 %
 
3.61
%
 
4.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
8.594441

 
$
17.534083

 
 n/a

 
$
25.197477

 
$
7.714836

 
$
23.761523

 
$
16.099934

 
$
5.494634

 
$
15.868311

 
$
10.132420

   Total Return *
 
-3.14
 %
 
8.90
 %
 
n/a

 
5.77
 %
 
-3.68
 %
 
7.29
 %
 
-1.91
 %
 
1.68
 %
 
6.88
%
 
5.49
 %
   Ratio of Expenses **
 
3.61
 %
 
3.91
 %
 
n/a

 
3.80
 %
 
3.75
 %
 
3.70
 %
 
4.00
 %
 
3.71
 %
 
3.61
%
 
4.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
8.872603

 
$
16.100834

 
 n/a

 
$
23.823488

 
$
8.009515

 
$
22.147785

 
$
16.413606

 
$
5.403797

 
$
14.846381

 
$
9.605048

   Total Return *
 
-3.45
 %
 
31.88
 %
 
n/a

 
14.88
 %
 
-3.68
 %
 
26.29
 %
 
31.49
 %
 
16.61
 %
 
36.10
%
 
25.40
 %
   Ratio of Expenses **
 
3.61
 %
 
3.91
 %
 
n/a

 
3.80
 %
 
3.75
 %
 
3.70
 %
 
4.00
 %
 
3.71
 %
 
3.61
%
 
4.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
9.189697

 
$
12.209024

 
 n/a

 
$
20.737850

 
$
8.315507

 
$
17.537698

 
$
12.482322

 
$
4.634014

 
$
10.908085

 
$
7.659550

   Total Return *
 
-1.20
 %
 
14.74
 %
 
n/a

 
5.98
 %
 
-3.69
 %
 
12.11
 %
 
13.07
 %
 
15.94
 %
 
19.08
%
 
6.89
 %
   Ratio of Expenses **
 
3.61
 %
 
3.91
 %
 
n/a

 
3.80
 %
 
3.75
 %
 
3.70
 %
 
4.00
 %
 
3.71
 %
 
3.61
%
 
4.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
9.301062

 
$
10.640263

 
 n/a

 
$
19.567657

 
$
8.634066

 
$
15.643046

 
$
11.039085

 
$
3.996745

 
$
9.160024

 
$
7.166008

   Total Return *
 
-2.21
 %
 
-5.82
 %
 
n/a

 
-0.57
 %
 
-3.67
 %
 
-5.61
 %
 
4.62
 %
 
-6.70
 %
 
2.77
%
 
13.37
 %
   Ratio of Expenses **
 
3.61
 %
 
3.91
 %
 
n/a

 
3.80
 %
 
3.75
 %
 
3.70
 %
 
4.00
 %
 
3.71
 %
 
3.61
%
 
4.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations April 27, 2015.
(b) The period is from January 1, 2015 through September 28, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements. Unit values disclosed are as of September 25, 2015.


129
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/T. Rowe Price Short-Term Bond Fund - A
 
JNL/T. Rowe Price Value Fund - A
 
JNL/Westchester Capital Event Driven Fund - A (a)
 
JNL/WMC Balanced Fund - A
 
JNL/WMC Money Market Fund - A
 
JNL/WMC Value Fund - A
 
JNL/MC 25 Fund - A (b)
 
JNL/MC Communications Sector Fund - A
 
JNL/MC Consumer Brands Sector Fund - A
 
JNL/MC Dow Index Fund - A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lowest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.861324

 
$
26.735319

 
$
9.435350

 
$
44.177099

 
$
13.519303

 
$
31.729038

 
$
23.670423

 
$
8.719715

 
$
25.561978

 
$
15.865620

   Total Return *
 
-0.53
 %
 
-2.67
 %
 
-6.33%***

 
-1.76
 %
 
-0.85
 %
 
-4.09
 %
 
-7.63
 %
 
1.86
 %
 
5.00
%
 
-1.63
 %
   Ratio of Expenses **
 
0.85
 %
 
0.85
 %
 
0.85
%
 
0.85
 %
 
0.85
 %
 
1.00
 %
 
1.00
 %
 
0.85
 %
 
0.85
%
 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.919125

 
$
27.470071

 
 n/a

 
$
44.970145

 
$
13.634536

 
$
33.080372

 
$
25.626056

 
$
8.560585

 
$
24.344867

 
$
16.127848

   Total Return *
 
-0.42
 %
 
12.29
 %
 
n/a

 
8.93
 %
 
-0.84
 %
 
10.22
 %
 
1.08
 %
 
4.63
 %
 
9.87
%
 
8.70
 %
   Ratio of Expenses **
 
0.85
 %
 
0.85
 %
 
n/a

 
0.85
 %
 
0.85
 %
 
1.00
 %
 
1.00
 %
 
0.85
 %
 
0.85
%
 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.965640

 
$
24.464416

 
 n/a

 
$
41.281946

 
$
13.750691

 
$
30.012344

 
$
25.353152

 
$
8.181687

 
$
22.156954

 
$
14.836565

   Total Return *
 
-0.75
 %
 
35.97
 %
 
n/a

 
18.32
 %
 
-0.85
 %
 
29.74
 %
 
35.50
 %
 
14.72%***

 
39.91
%
 
29.22
 %
   Ratio of Expenses **
 
0.85
 %
 
0.85
 %
 
n/a

 
0.85
 %
 
0.85
 %
 
1.00
 %
 
1.00
 %
 
0.85
 %
 
0.85
%
 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
11.048330

 
$
17.991908

 
 n/a

 
$
34.890392

 
$
13.867935

 
$
23.132132

 
$
18.710849

 
$
6.681961

 
$
15.836182

 
$
11.481733

   Total Return *
 
-0.12%***

 
15.29%***

 
n/a

 
-0.97%***

 
-0.30%***

 
15.19
 %
 
16.53
 %
 
19.14
 %
 
1.63%***

 
10.15
 %
   Ratio of Expenses **
 
0.85
 %
 
0.85
 %
 
n/a

 
0.85
 %
 
0.85
 %
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
0.85
%
 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.785135

 
$
14.943349

 
 n/a

 
$
31.176294

 
$
13.642602

 
$
20.081933

 
$
16.057054

 
$
5.608553

 
$
12.695583

 
$
10.423578

   Total Return *
 
0.37
 %
 
-3.05
 %
 
n/a

 
2.24
 %
 
-0.99
 %
 
-3.03
 %
 
7.79
 %
 
-4.15
 %
 
5.48
%
 
16.81
 %
   Ratio of Expenses **
 
1.00
 %
 
1.00
 %
 
n/a

 
1.00
 %
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
1.00
 %
 
1.00
%
 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations April 27, 2015.
(b) The period is from January 1, 2015 through September 28, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements. Unit values disclosed are as of September 25, 2015.


130
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/T. Rowe Price Short-Term Bond Fund - A
 
JNL/T. Rowe Price Value Fund - A
 
JNL/Westchester Capital Event Driven Fund - A (a)
 
JNL/WMC Balanced Fund - A
 
JNL/WMC Money Market Fund - A
 
JNL/WMC Value Fund - A
 
JNL/MC 25 Fund - A (b)
 
JNL/MC Communications Sector Fund - A
 
JNL/MC Consumer Brands Sector Fund - A
 
JNL/MC Dow Index Fund - A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Division data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
901,709

 
$
1,327,464

 
$
2,963

 
$
4,591,555

 
$
1,489,594

 
$
619,044

 
$
—

 
$
104,278

 
$
908,533

 
$
495,120

   Units Outstanding (in thousands)
 
87,680

 
54,206

 
314

 
116,457

 
124,378

 
20,728

 
—

 
13,219

 
39,282

 
33,833

   Investment Income Ratio *
 
0.98
%
 
0.81
%
 
0.00
%
 
1.26
%
 
0.00
%
 
1.45
%
 
3.00
%
 
3.44
%
 
0.52
%
 
0.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
818,121

 
$
1,326,726

 
 n/a

 
$
4,024,876

 
$
1,216,576

 
$
668,419

 
$
866,941

 
$
122,345

 
$
517,690

 
$
580,636

   Units Outstanding (in thousands)
 
78,980

 
52,688

 
n/a

 
100,337

 
101,006

 
21,405

 
36,505

 
15,792

 
23,443

 
38,977

   Investment Income Ratio *
 
1.19
%
 
0.81
%
 
n/a

 
1.30
%
 
0.00
%
 
1.47
%
 
2.08
%
 
2.64
%
 
0.56
%
 
0.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
697,296

 
$
969,477

 
 n/a

 
$
3,194,549

 
$
1,268,083

 
$
638,676

 
$
943,196

 
$
127,354

 
$
494,514

 
$
584,282

   Units Outstanding (in thousands)
 
66,830

 
43,153

 
n/a

 
86,719

 
104,583

 
22,497

 
40,124

 
17,197

 
24,591

 
42,547

   Investment Income Ratio *
 
1.34
%
 
1.29
%
 
n/a

 
1.49
%
 
0.00
%
 
1.92
%
 
2.54
%
 
2.28
%
 
0.71
%
 
0.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
647,091

 
$
570,473

 
 n/a

 
$
2,294,283

 
$
1,195,108

 
$
430,498

 
$
601,581

 
$
92,760

 
$
215,723

 
$
462,836

   Units Outstanding (in thousands)
 
61,301

 
34,539

 
n/a

 
73,604

 
97,907

 
19,603

 
34,602

 
15,049

 
15,046

 
43,454

   Investment Income Ratio *
 
1.03
%
 
1.32
%
 
n/a

 
1.33
%
 
0.00
%
 
2.30
%
 
2.21
%
 
2.54
%
 
0.49
%
 
0.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
493,477

 
$
431,971

 
 n/a

 
$
1,709,811

 
$
1,010,793

 
$
362,133

 
$
501,984

 
$
53,185

 
$
107,189

 
$
491,868

   Units Outstanding (in thousands)
 
47,268

 
30,832

 
n/a

 
59,618

 
82,015

 
18,923

 
33,587

 
10,225

 
9,082

 
50,814

   Investment Income Ratio *
 
1.27
%
 
1.37
%
 
n/a

 
1.18
%
 
0.00
%
 
1.03
%
 
2.59
%
 
2.69
%
 
0.56
%
 
0.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*    These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Commencement of operations April 27, 2015.
(b) The period is from January 1, 2015 through September 28, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements.


131
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/MC Financial Sector Fund - A
 
JNL/MC Global 30 Fund - A
 
JNL/MC Healthcare Sector Fund - A
 
JNL/MC JNL 5 Fund - A
 
JNL/MC JNL Optimized 5 Fund - A (a)
 
JNL/MC Nasdaq 25 Fund - A
 
JNL/MC Oil & Gas Sector Fund - A
 
JNL/MC S&P 24 Fund - A
 
JNL/MC S&P SMid 60 Fund - A
 
JNL/MC Technology Sector Fund - A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Highest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
8.194683

 
$
11.379184

 
$
18.855189

 
$
13.230606

 
$
11.324467

 
$
17.006091

 
$
18.242552

 
$
11.944621

 
$
12.564055

 
$
7.895201

   Total Return *
 
-4.63
 %
 
-11.85
 %
 
2.80
%
 
-6.53
 %
 
2.97
 %
 
-2.16
 %
 
-26.20
 %
 
-11.24
 %
 
-8.42
 %
 
0.61
 %
   Ratio of Expenses **
 
3.61
 %
 
4.00
 %
 
3.61
%
 
3.70
 %
 
3.70
 %
 
3.61
 %
 
3.91
 %
 
3.26
 %
 
3.61
 %
 
3.71
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
8.592294

 
$
12.909036

 
$
18.342209

 
$
14.155449

 
$
10.998057

 
$
17.382007

 
$
24.719171

 
$
13.456611

 
$
13.719307

 
$
7.847701

   Total Return *
 
9.05
 %
 
6.51
 %
 
20.70
%
 
7.29
 %
 
3.11
 %
 
14.24
 %
 
-13.79
 %
 
1.81
 %
 
-0.17
 %
 
16.22
 %
   Ratio of Expenses **
 
3.61
 %
 
4.00
 %
 
3.61
%
 
3.70
 %
 
3.70
 %
 
3.61
 %
 
3.91
 %
 
3.26
 %
 
3.61
 %
 
3.71
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
7.879192

 
$
12.119740

 
$
15.196576

 
$
13.194238

 
$
10.666349

 
$
15.215740

 
$
28.674301

 
$
13.217836

 
$
13.742661

 
$
6.752509

   Total Return *
 
28.62
 %
 
8.86
 %
 
35.89
%
 
26.91
 %
 
27.48
 %
 
36.10
 %
 
20.54
 %
 
36.00
 %
 
32.04
 %
 
21.59
 %
   Ratio of Expenses **
 
3.61
 %
 
4.00
 %
 
3.61
%
 
3.70
 %
 
3.70
 %
 
3.61
 %
 
3.91
 %
 
3.26
 %
 
3.61
 %
 
3.71
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
6.125976

 
$
11.133770

 
$
11.182591

 
$
10.396853

 
$
8.366950

 
$
11.180078

 
$
23.788550

 
$
9.719095

 
$
10.408048

 
$
5.553673

   Total Return *
 
21.64
 %
 
18.08
 %
 
14.34
%
 
13.75
 %
 
10.15
 %
 
15.40
 %
 
0.34
 %
 
7.94
 %
 
9.80
 %
 
7.17
 %
   Ratio of Expenses **
 
3.61
 %
 
4.00
 %
 
3.61
%
 
3.70
 %
 
3.70
 %
 
3.61
 %
 
3.91
 %
 
3.26
 %
 
3.61
 %
 
3.71
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
5.036198

 
$
9.429313

 
$
9.780146

 
$
9.140074

 
$
7.595955

 
$
9.687756

 
$
23.708642

 
$
9.004054

 
$
9.479046

 
$
5.182166

   Total Return *
 
-15.97
 %
 
-11.85
 %
 
6.96
%
 
-5.61
 %
 
-13.10
 %
 
-1.62
 %
 
-0.68
 %
 
1.55
 %
 
-10.98
 %
 
-3.95
 %
   Ratio of Expenses **
 
3.61
 %
 
4.00
 %
 
3.61
%
 
3.70
 %
 
3.70
 %
 
3.61
 %
 
3.91
 %
 
3.26
 %
 
3.61
 %
 
3.71
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) The period is from January 1, 2015 through April 27, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements. Unit values disclosed are as of April 24, 2015.


132
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/MC Financial Sector Fund - A
 
JNL/MC Global 30 Fund - A
 
JNL/MC Healthcare Sector Fund - A
 
JNL/MC JNL 5 Fund - A
 
JNL/MC JNL Optimized 5 Fund - A (a)
 
JNL/MC Nasdaq 25 Fund - A
 
JNL/MC Oil & Gas Sector Fund - A
 
JNL/MC S&P 24 Fund - A
 
JNL/MC S&P SMid 60 Fund - A
 
JNL/MC Technology Sector Fund - A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lowest expense ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
12.922098

 
$
18.663848

 
$
29.736982

 
$
17.912469

 
$
14.425761

 
$
23.192824

 
$
30.226284

 
$
15.081345

 
$
15.962302

 
$
12.657680

   Total Return *
 
-1.96
 %
 
-9.17
 %
 
5.67
%
 
-3.98
 %
 
3.84
 %
 
0.58
%
 
-23.91
 %
 
-9.21%***

 
-5.86
 %
 
3.52
 %
   Ratio of Expenses **
 
0.85
 %
 
1.00
 %
 
0.85
%
 
1.00
 %
 
1.00
 %
 
0.85
%
 
0.85
 %
 
0.85
%
 
0.85
 %
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
13.180218

 
$
20.547277

 
$
28.140409

 
$
18.655036

 
$
13.892526

 
$
23.060138

 
$
39.723065

 
$
16.369538

 
$
16.955507

 
$
12.226761

   Total Return *
 
12.10
 %
 
9.76
 %
 
24.08
%
 
10.22
 %
 
5.93
 %
 
17.43
%
 
-11.11
 %
 
4.13
%
 
2.62%***

 
19.59
 %
   Ratio of Expenses **
 
0.85
 %
 
1.00
 %
 
0.85
%
 
1.00
 %
 
1.00
 %
 
0.85
%
 
0.85
 %
 
1.00
%
 
0.85
 %
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
11.757308

 
$
18.720798

 
$
22.679696

 
$
16.925899

 
$
13.115219

 
$
19.636662

 
$
44.690102

 
$
15.719755

 
$
16.358028

 
$
10.223802

   Total Return *
 
16.38%***

 
12.17
 %
 
39.70
%
 
30.37
 %
 
30.96
 %
 
39.91
%
 
24.28
 %
 
39.11
%
 
35.53
 %
 
25.11
 %
   Ratio of Expenses **
 
0.85
 %
 
1.00
 %
 
0.85
%
 
1.00
 %
 
1.00
 %
 
0.85
%
 
0.85
 %
 
1.00
%
 
1.00
 %
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
8.714376

 
$
16.689518

 
$
16.234801

 
$
12.982674

 
$
10.014324

 
$
14.035644

 
$
35.958048

 
$
11.300460

 
$
12.069629

 
$
8.171569

   Total Return *
 
24.86
 %
 
21.68
 %
 
-3.43%***

 
16.87
 %
 
13.17
 %
 
-1.15%***

 
-2.23%***

 
10.42
%
 
12.71
 %
 
-6.20%***

   Ratio of Expenses **
 
1.00
 %
 
1.00
 %
 
0.85
%
 
1.00
 %
 
1.00
 %
 
0.85
%
 
0.85
 %
 
1.00
%
 
1.00
 %
 
0.85
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
6.979045

 
$
13.715652

 
$
13.555164

 
$
11.108993

 
$
8.849116

 
$
11.702614

 
$
34.109903

 
$
10.234481

 
$
10.708353

 
$
7.272040

   Total Return *
 
-13.75
 %
 
-9.17
 %
 
9.78
%
 
-3.04
 %
 
-10.74
 %
 
0.97
%
 
2.25
 %
 
3.87
%
 
-8.63
 %
 
-1.32
 %
   Ratio of Expenses **
 
1.00
 %
 
1.00
 %
 
1.00
%
 
1.00
 %
 
1.00
 %
 
1.00
%
 
1.00
 %
 
1.00
%
 
1.00
 %
 
1.00
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) The period is from January 1, 2015 through April 27, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements. Unit values disclosed are as of April 24, 2015.


133
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/MC Financial Sector Fund - A
 
JNL/MC Global 30 Fund - A
 
JNL/MC Healthcare Sector Fund - A
 
JNL/MC JNL 5 Fund - A
 
JNL/MC JNL Optimized 5 Fund - A (a)
 
JNL/MC Nasdaq 25 Fund - A
 
JNL/MC Oil & Gas Sector Fund - A
 
JNL/MC S&P 24 Fund - A
 
JNL/MC S&P SMid 60 Fund - A
 
JNL/MC Technology Sector Fund - A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Division data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
656,580

 
$
353,707

 
$
2,840,786

 
$
2,829,536

 
$
—

 
$
836,207

 
$
1,103,030

 
$
583,190

 
$
315,208

 
$
1,172,350

   Units Outstanding (in thousands)
 
56,108

 
20,520

 
105,322

 
166,512

 
—

 
38,563

 
40,317

 
41,102

 
20,761

 
102,218

   Investment Income Ratio *
 
1.14
%
 
0.00
%
 
0.45
%
 
2.61
%
 
0.00
%
 
0.54
%
 
1.58
%
 
1.41
%
 
2.38
%
 
0.62
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
556,140

 
$
382,908

 
$
1,902,635

 
$
2,985,710

 
$
406,937

 
$
750,348

 
$
1,140,786

 
$
340,688

 
$
392,884

 
$
902,611

   Units Outstanding (in thousands)
 
46,590

 
20,132

 
74,574

 
168,381

 
30,605

 
34,745

 
31,703

 
21,742

 
24,281

 
81,458

   Investment Income Ratio *
 
0.89
%
 
0.00
%
 
0.58
%
 
2.04
%
 
1.98
%
 
0.22
%
 
1.19
%
 
0.72
%
 
0.62
%
 
0.69
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
438,277

 
$
412,420

 
$
985,262

 
$
3,120,294

 
$
397,388

 
$
385,253

 
$
1,103,185

 
$
391,820

 
$
327,593

 
$
561,854

   Units Outstanding (in thousands)
 
41,209

 
23,806

 
47,835

 
193,764

 
31,602

 
20,892

 
27,241

 
25,979

 
20,715

 
60,592

   Investment Income Ratio *
 
0.91
%
 
0.00
%
 
0.75
%
 
2.59
%
 
2.88
%
 
0.88
%
 
1.24
%
 
1.87
%
 
1.74
%
 
0.72
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
216,488

 
$
419,858

 
$
405,054

 
$
2,718,584

 
$
340,858

 
$
239,760

 
$
841,333

 
$
63,317

 
$
181,031

 
$
393,847

   Units Outstanding (in thousands)
 
26,845

 
27,156

 
27,468

 
219,540

 
35,365

 
18,134

 
25,822

 
5,802

 
15,483

 
53,038

   Investment Income Ratio *
 
1.00
%
 
0.00
%
 
0.90
%
 
2.90
%
 
2.84
%
 
0.25
%
 
1.10
%
 
0.48
%
 
0.84
%
 
0.28
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
151,291

 
$
400,433

 
$
252,885

 
$
2,666,784

 
$
325,680

 
$
147,276

 
$
796,202

 
$
53,979

 
$
158,327

 
$
313,873

   Units Outstanding (in thousands)
 
23,421

 
31,453

 
20,056

 
250,692

 
38,068

 
13,156

 
25,205

 
5,444

 
15,191

 
46,394

   Investment Income Ratio *
 
0.79
%
 
0.00
%
 
0.93
%
 
3.14
%
 
1.82
%
 
0.58
%
 
0.76
%
 
0.50
%
 
0.71
%
 
0.20
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*    These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) The period is from January 1, 2015 through April 27, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements.


134
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/MC Value Line 30 Fund - A (b)
 
JNL/PPM America Total Return Fund - A (a)
 
 
 
 
 
Highest expense ratio
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
11.483889

 
$
14.403283

   Total Return *
 
-0.83
 %
 
-2.05%***

   Ratio of Expenses **
 
3.70
 %
 
2.55
%
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
11.580311

 
 n/a

   Total Return *
 
3.81
 %
 
n/a

   Ratio of Expenses **
 
3.70
 %
 
n/a

 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
11.154790

 
 n/a

   Total Return *
 
29.94
 %
 
n/a

   Ratio of Expenses **
 
3.70
 %
 
n/a

 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
8.584787

 
 n/a

   Total Return *
 
5.19
 %
 
n/a

   Ratio of Expenses **
 
3.70
 %
 
n/a

 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
8.160986

 
 n/a

   Total Return *
 
-25.77
 %
 
n/a

   Ratio of Expenses **
 
3.70
 %
 
n/a

 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
(a) The Fund was made available to the separate account effective April 27, 2015.
(b) The period is from January 1, 2015 through April 27, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements. Unit values disclosed are as of April 24, 2015.

135
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/MC Value Line 30 Fund - A (b)
 
JNL/PPM America Total Return Fund - A (a)
 
 
 
 
 
Lowest expense ratio
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
15.505039

 
$
16.225774

   Total Return *
 
0.05
 %
 
-0.90%***

   Ratio of Expenses **
 
0.85
 %
 
0.85
%
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
15.496900

 
 n/a

   Total Return *
 
6.81
 %
 
n/a

   Ratio of Expenses **
 
0.85
 %
 
n/a

 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
14.508738

 
 n/a

   Total Return *
 
4.05%***

 
n/a

   Ratio of Expenses **
 
0.85
 %
 
n/a

 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
10.719987

 
 n/a

   Total Return *
 
8.07
 %
 
n/a

   Ratio of Expenses **
 
1.00
 %
 
n/a

 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
   Unit Value
 
$
9.919046

 
 n/a

   Total Return *
 
-23.75
 %
 
n/a

   Ratio of Expenses **
 
1.00
 %
 
n/a

 
 
 
 
 
* Total return for period indicated, includes changes in the value of the underlying Fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units, inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return for Investment Divisions with no assets at period end is calculated based on the total return of the underlying Fund less expenses that are charged directly to that Investment Division of the Separate Account.
** Annualized contract expenses of Investment Divisions of the Separate Account, consist primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying Funds are excluded.
*** Total return is calculated from the effective date through the end of the reporting period. The effective date is the date when the optional benefit in the variable account was elected by a contract owner.
 
 
 
 
 
(a) The Fund was made available to the separate account effective April 27, 2015.
(b) The period is from January 1, 2015 through April 27, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements. Unit values disclosed are as of April 24, 2015.

136
Jackson National Separate Account I
Notes to Financial Statements (continued)
December 31, 2015


Note 7 - Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JNL/MC Value Line 30 Fund - A (b)
 
JNL/PPM America Total Return Fund - A (a)
 
 
 
 
 
Investment Division data
 
 
 
 
Period ended December 31, 2015
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
—

 
$
45,461

   Units Outstanding (in thousands)
 
—

 
2,905

   Investment Income Ratio *
 
0.00
%
 
7.21
%
 
 
 
 
 
Period ended December 31, 2014
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
432,100

 
 n/a

   Units Outstanding (in thousands)
 
29,824

 
n/a

   Investment Income Ratio *
 
0.23
%
 
n/a

 
 
 
 
 
Period ended December 31, 2013
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
408,287

 
 n/a

   Units Outstanding (in thousands)
 
30,035

 
n/a

   Investment Income Ratio *
 
1.92
%
 
n/a

 
 
 
 
 
Period ended December 31, 2012
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
357,999

 
 n/a

   Units Outstanding (in thousands)
 
35,092

 
n/a

   Investment Income Ratio *
 
0.06
%
 
n/a

 
 
 
 
 
Period ended December 31, 2011
 
 
 
 
 
 
 
 
 
   Net Assets (in thousands)
 
$
366,236

 
 n/a

   Units Outstanding (in thousands)
 
38,660

 
n/a

   Investment Income Ratio *
 
0.00
%
 
n/a

 
 
 
 
 
*    These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying Fund divided by the average net assets.  In some instances, the investment income ratio may be rounded to 0.00% even though the Investment Division received dividend income from the underlying Fund.
 
 
 
 
 
(a) The Fund was made available to the separate account effective April 27, 2015.
(b) The period is from January 1, 2015 through April 27, 2015, the date the Fund was acquired.  The respective acquisitions can be found on pages 75-76 of the Notes to Financial Statements.


137

kpmglogo.jpg
 
KPMG LLP
Aon Center
Suite 5500
200 East Randolph Drive
Chicago, IL 60601-6436

Independent Registered Public Accounting Firm Report
The Board of Directors and Shareholders
Jackson National Life Insurance Company and
Contract Owners of Jackson National Separate Account I:

We have audited the accompanying statement of assets and liabilities of each Investment Division within Jackson National Separate Account I (the “Company”), as of December 31, 2015, and the related statement of operations for the year or period then ended, the statements of changes in net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2015, by correspondence with the transfer agent of the underlying mutual funds and other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each Investment Division within the Company as of December 31, 2015, the results of its operations for the year or period then ended, the changes in its net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

/s/KPMG LLP

Chicago, Illinois
March 22, 2016








KPMG LLP is a Delaware limited liability partnership,
the U.S. member firm of KPMG International Cooperative
(“KPMG International”), a Swiss entity.

138
APPENDIX B



jnlcompanycover2015a03.jpg


Jackson National Life Insurance Company and Subsidiaries
 
 
Index to Consolidated Financial Statements
December 31, 2015 and 2014
 
 
 
Report of Independent Registered Public Accounting Firm
1
 
 
Consolidated Balance Sheets
2
 
 
Consolidated Income Statements
3
 
 
Consolidated Statements of Comprehensive Income
4
 
 
Consolidated Statements of Equity
5
 
 
Consolidated Statements of Cash Flows
6
 
 
Notes to Consolidated Financial Statements
7



kpmglogo.jpg
 
KPMG LLP
Suite 500
191 West Nationwide Blvd.
Columbus, OH 43215-2568
Report of Independent Registered Public Accounting Firm
The Board of Directors and Stockholder
Jackson National Life Insurance Company and Subsidiaries:
We have audited the accompanying consolidated balance sheets of Jackson National Life Insurance Company and Subsidiaries (the Company) as of December 31, 2015 and 2014, and the related consolidated income statements, consolidated statements of comprehensive income, equity, and cash flows for each of the years in the three‑year period ended December 31, 2015. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Jackson National Life Insurance Company and Subsidiaries as of December 31, 2015 and 2014, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2015, in conformity with U.S. generally accepted accounting principles.
/s/KPMG LLP
Columbus, Ohio
March 4, 2016








KPMG LLP is a Delaware limited liability partnership,
the U.S. member firm of KPMG International Cooperative
(“KPMG International”), a Swiss entity.

Jackson National Life Insurance Company and Subsidiaries
Consolidated Balance Sheets
(In thousands, except per share information)
 

 
 
 
 
 
 
December 31,
Assets
 
 
2015
 
2014
 
Investments:
 
 
 
 
 
 
 
Securities available for sale, at fair value:
 
 
 
 
 
 
 
Fixed maturities (amortized cost: 2015, $49,004,841; 2014, $48,245,495, including $141,580 and $142,642 at fair value under the fair value option at December 31, 2015 and 2014, respectively)
 
$
49,803,040

 
$
50,978,577

 
 
Trading securities, at fair value
 
285,154

 
530,418

 
 
Commercial mortgage loans, net of allowance
 
6,436,636

 
5,998,253

 
 
Policy loans (includes $3,216,123 and $3,156,550 at fair value under the fair value option at
 
 
 
 
 
 
 
December 31, 2015 and 2014, respectively)
 
4,495,955

 
4,477,083

 
 
Derivative instruments
 
1,333,320

 
1,428,084

 
 
Other invested assets (includes $1,194,226 and $1,176,633 at fair value under the fair value option at December 31, 2015 and 2014, respectively)
 
1,418,314

 
1,381,684

 
 
 
Total investments
 
63,772,419

 
64,794,099

 
Cash and cash equivalents
 
2,059,935

 
1,399,091

 
Accrued investment income
 
685,799

 
687,503

 
Deferred acquisition costs
 
8,438,804

 
7,455,336

 
Reinsurance recoverable
 
9,154,262

 
9,323,159

 
Deferred income taxes, net
 
481,083

 
13,956

 
Other assets
 
 
1,615,771

 
1,119,762

 
Separate account assets
 
134,157,891

 
127,459,274

 
 
 
Total assets
 
$
220,365,964

 
$
212,252,180

 
 
 
 
 
 
 
 
 
Liabilities and Equity
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
Reserves for future policy benefits and claims payable
 
$
13,736,209

 
$
13,574,469

 
 
Other contract holder funds
 
59,180,144

 
57,685,319

 
 
Funds held under reinsurance treaties, at fair value under fair value option
 
3,459,645

 
3,431,854

 
 
Debt
 
 
346,957

 
328,737

 
 
Securities lending payable
 
279,002

 
196,633

 
 
Derivative instruments
 
367,439

 
391,805

 
 
Other liabilities
 
2,455,813

 
2,542,453

 
 
Separate account liabilities
 
134,157,891

 
127,459,274

 
 
 
Total liabilities
 
213,983,100

 
205,610,544

 
 
 
 
 
 
 
 
 
 
Equity
 
 
 
 
 
 
 
Common stock, $1.15 par value; authorized 50,000 shares;
 
 
 
 
 
 
 
issued and outstanding 12,000 shares
 
13,800

 
13,800

 
 
Additional paid-in capital
 
3,816,079

 
3,816,079

 
 
Shares held in trust
 
(31,938
)
 
(27,084
)
 
 
Equity compensation reserve
 
3,263

 
14,130

 
 
Accumulated other comprehensive income, net of tax (benefit) expense
 
 
 
 
 
 
 
of $(102,092) in 2015 and $398,736 in 2014
 
548,458

 
1,478,565

 
 
Retained earnings
 
2,000,642

 
1,311,175

 
 
 
Total stockholder's equity
 
6,350,304

 
6,606,665

 
 
Noncontrolling interests
 
32,560

 
34,971

 
 
 
Total equity
 
6,382,864

 
6,641,636

 
 
 
Total liabilities and equity
 
$
220,365,964

 
$
212,252,180



See accompanying Notes to Consolidated Financial Statements.

2
Jackson National Life Insurance Company and Subsidiaries
Consolidated Income Statements
(In thousands)
 

 
 
 
 
 
Years Ended December 31,
 
 
 
 
 
2015
 
2014
 
2013
Revenues
 
 
 
 
 
 
 
Fee income
$
4,981,941

 
$
4,512,152

 
$
3,801,275

 
Premium
 
266,409

 
264,341

 
286,771

 
Net investment income
2,939,362

 
3,002,581

 
3,144,646

 
Net realized losses on investments:
 
 
 
 
 
 
 
Total other-than-temporary impairments
(77,662
)
 
(56,161
)
 
(49,930
)
 
 
Portion of other-than-temporary impairments included in
 
 
 
 
 
 
 
 
other comprehensive income
15,024

 
29,549

 
29,146

 
 
Net other-than-temporary impairments
(62,638
)
 
(26,612
)
 
(20,784
)
 
 
Other net investment losses
(1,524,877
)
 
(3,377,910
)
 
(1,969,669
)
 
 
Total net realized losses on investments
(1,587,515
)
 
(3,404,522
)
 
(1,990,453
)
 
Other income
97,945

 
98,338

 
154,714

 
 
Total revenues
6,698,142

 
4,472,890

 
5,396,953

Benefits and Expenses
 
 
 
 
 
 
Death, other policy benefits and change in policy reserves, net of deferrals
997,746

 
1,183,680

 
1,026,392

 
Interest credited on other contract holder funds, net of deferrals
1,516,522

 
1,563,202

 
1,636,071

 
Interest expense
38,104

 
38,417

 
42,036

 
Operating costs and other expenses, net of deferrals
1,724,590

 
1,616,062

 
1,480,719

 
Amortization of deferred acquisition and sales inducement costs
660,860

 
(263,564
)
 
284,618

 
 
Total benefits and expenses
4,937,822

 
4,137,797

 
4,469,836

 
 
 
Pretax income before noncontrolling interests
1,760,320

 
335,093

 
927,117

 
Income tax expense (benefit)
346,339

 
(10,407
)
 
166,997

 
Net income
1,413,981

 
345,500

 
760,120

 
 
Less: Net income (loss) attributable to noncontrolling interests
13,101

 
(5,269
)
 
4,958

 
Net income attributable to Jackson
$
1,400,880

 
$
350,769

 
$
755,162




See accompanying Notes to Consolidated Financial Statements.

3
Jackson National Life Insurance Company and Subsidiaries
Consolidated Statements of Comprehensive Income
(In thousands)
 

 
 
 
 
 
Years Ended December 31,
 
 
 
 
 
2015
 
2014
 
2013
Net income
 
$
1,413,981

 
$
345,500

 
$
760,120

 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Net unrealized (losses) gains on securities not other-than-temporarily impaired (net of tax (benefit) expense of: 2015 $(447,191); 2014 $543,831; 2013 $(807,429))
 
(846,010
)
 
1,007,605

 
(1,487,770
)
 
 
 
 
 
 
 
 
 
 
 
Net unrealized losses on other-than-temporarily impaired securities (net of tax benefit of: 2015 $4,469; 2014 $8,410; 2013 $7,984)
 
(8,299
)
 
(15,618
)
 
(14,826
)
 
 
 
 
 
 
 
 
 
 
 
Reclassification adjustment for losses included in net income (net of tax benefit of: 2015 $49,168; 2014 $23,011; 2013 $43,708)
 
(91,310
)
 
(42,737
)
 
(81,170
)
 
 
 
 
 
 
 
 
 
 
Total other comprehensive (loss) income
 
(945,619
)
 
949,250

 
(1,583,766
)
Comprehensive income (loss)
 
468,362

 
1,294,750

 
(823,646
)
 
Less: Comprehensive (loss) income attributable to noncontrolling interests
 
(2,411
)
 
(7,637
)
 
1,876

Comprehensive income (loss) attributable to Jackson
 
$
470,773

 
$
1,302,387

 
$
(825,522
)



See accompanying Notes to Consolidated Financial Statements.

4
Jackson National Life Insurance Company and Subsidiaries
Consolidated Statements of Equity
(In thousands)
 

 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional
 
 
 
Equity
 
Other
 
 
 
Total
 
Non-
 
 
 
 
 
 
Common
 
Paid-In
 
Shares Held
 
Compensation
 
Comprehensive
 
Retained
 
Stockholder's
 
Controlling
 
Total
 
 
 
 
Stock
 
Capital
 
In Trust
 
Reserve
 
Income
 
Earnings
 
Equity
 
Interests
 
Equity
Balances as of December 31, 2012
 
$
13,800

 
$
3,766,912

 
$
(25,065
)
 
$
12,943

 
$
2,107,631

 
$
1,409,244

 
$
7,285,465

 
$
40,732

 
$
7,326,197

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
—

 
—

 
—

 
—

 
—

 
755,162

 
755,162

 
4,958

 
760,120

 
Change in unrealized investment gains and losses, net of tax
—

 
—

 
—

 
—

 
(1,580,684
)
 
—

 
(1,580,684
)
 
(3,082
)
 
(1,583,766
)
 
Capital contribution
 
—

 
35,053

 
—

 
—

 
—

 
—

 
35,053

 
—

 
35,053

 
Dividends to stockholder
 
—

 
—

 
—

 
—

 
—

 
(507,000
)
 
(507,000
)
 
—

 
(507,000
)
 
Shares acquired at cost
 
—

 
—

 
(21,208
)
 
—

 
—

 
—

 
(21,208
)
 
—

 
(21,208
)
 
Shares distributed at cost
 
—

 
—

 
23,521

 
—

 
—

 
—

 
23,521

 
—

 
23,521

 
Reserve for equity compensation plans
 
—

 
—

 
—

 
13,129

 
—

 
—

 
13,129

 
—

 
13,129

 
Fair value of shares issued under equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
compensation plans
 
—

 
—

 
—

 
(7,624
)
 
—

 
—

 
(7,624
)
 
—

 
(7,624
)
Balances as of December 31, 2013
 
13,800

 
3,801,965

 
(22,752
)
 
18,448

 
526,947

 
1,657,406

 
5,995,814

 
42,608

 
6,038,422

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
—

 
—

 
—

 
—

 
—

 
350,769

 
350,769

 
(5,269
)
 
345,500

 
Change in unrealized investment gains and losses, net of tax
—

 
—

 
—

 
—

 
951,618

 
—

 
951,618

 
(2,368
)
 
949,250

 
Capital contribution
 
—

 
14,114

 
—

 
—

 
—

 
—

 
14,114

 
—

 
14,114

 
Dividends to stockholder
 
—

 
—

 
—

 
—

 
—

 
(697,000
)
 
(697,000
)
 
—

 
(697,000
)
 
Shares acquired at cost
 
—

 
—

 
(32,640
)
 
—

 
—

 
—

 
(32,640
)
 
—

 
(32,640
)
 
Shares distributed at cost
 
—

 
—

 
28,308

 
—

 
—

 
—

 
28,308

 
—

 
28,308

 
Reserve for equity compensation plans
 
—

 
—

 
—

 
10,266

 
—

 
—

 
10,266

 
—

 
10,266

 
Fair value of shares issued under equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
compensation plans
 
—

 
—

 
—

 
(14,584
)
 
—

 
—

 
(14,584
)
 
—

 
(14,584
)
Balances as of December 31, 2014
 
13,800

 
3,816,079

 
(27,084
)
 
14,130

 
1,478,565

 
1,311,175

 
6,606,665

 
34,971

 
6,641,636

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
—

 
—

 
—

 
—

 
—

 
1,400,880

 
1,400,880

 
13,101

 
1,413,981

 
Change in unrealized investment gains and losses, net of tax
—

 
—

 
—

 
—

 
(930,107
)
 
—

 
(930,107
)
 
(15,512
)
 
(945,619
)
 
Dividends to stockholder
 
—

 
—

 
—

 
—

 
—

 
(711,413
)
 
(711,413
)
 
—

 
(711,413
)
 
Shares acquired at cost
 
—

 
—

 
(19,438
)
 
—

 
—

 
—

 
(19,438
)
 
—

 
(19,438
)
 
Shares distributed at cost
 
—

 
—

 
14,584

 
—

 
—

 
—

 
14,584

 
—

 
14,584

 
Reserve for equity compensation plans
 
—

 
—

 
—

 
4,187

 
—

 
—

 
4,187

 
—

 
4,187

 
Fair value of shares issued under equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
compensation plans
 
—

 
—

 
—

 
(15,054
)
 
—

 
—

 
(15,054
)
 
—

 
(15,054
)
Balances as of December 31, 2015
 
$
13,800

 
$
3,816,079

 
$
(31,938
)
 
$
3,263

 
$
548,458

 
$
2,000,642

 
$
6,350,304

 
$
32,560

 
$
6,382,864


See accompanying Notes to Consolidated Financial Statements.

5
Jackson National Life Insurance Company and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
 

 
 
 
 
 
 
Years Ended December 31,
 
 
 
 
 
 
2015
 
2014
 
2013
Cash flows from operating activities:
 
 
 
 
 
 
 
Net income
 
$
1,413,981

 
$
345,500

 
$
760,120

 
Adjustments to reconcile net income to net cash provided by
 
 
 
 
 
 
 
operating activities:
 
 
 
 
 
 
 
 
Net realized gains on investments
 
(34,191
)
 
(83,997
)
 
(81,145
)
 
 
Net losses on derivatives
 
1,339,369

 
3,236,398

 
1,865,137

 
 
Interest credited on other contract holder funds, gross
 
1,529,137

 
1,577,180

 
1,650,459

 
 
Mortality, expense and surrender charges
 
(730,782
)
 
(745,227
)
 
(743,799
)
 
 
Amortization of discount and premium on investments
 
39,713

 
67,724

 
49,408

 
 
Deferred income tax expense
 
33,701

 
(415,974
)
 
277,078

 
 
Share-based compensation
 
50,083

 
46,384

 
39,947

 
 
Change in:
 
 
 
 
 
 
 
 
 
Accrued investment income
 
1,704

 
(5,354
)
 
(3,707
)
 
 
 
Deferred sales inducements and acquisition costs
 
(465,937
)
 
(1,387,067
)
 
(848,133
)
 
 
 
Trading portfolio activity, net
 
245,264

 
10,810

 
(128,415
)
 
 
 
Income tax accruals
 
(452,016
)
 
134,624

 
86,261

 
 
 
Other assets and liabilities, net
 
295,502

 
395,956

 
85,812

 
Net cash provided by operating activities
 
3,265,528

 
3,176,957

 
3,009,023

 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
Sales, maturities and repayments of:
 
 
 
 
 
 
 
 
Fixed maturities
 
7,941,581

 
5,644,799

 
5,798,733

 
 
Commercial mortgage loans
 
1,159,080

 
1,392,066

 
1,339,273

 
Purchases of:
 
 
 
 
 
 
 
 
Fixed maturities
 
(8,720,419
)
 
(5,242,317
)
 
(5,543,494
)
 
 
Commercial mortgage loans
 
(1,596,503
)
 
(1,314,647
)
 
(1,654,026
)
 
Purchase of REALIC, net of cash acquired
 
—

 
—

 
(17,696
)
 
Other investing activities
 
(816,079
)
 
(1,087,486
)
 
(2,489,841
)
 
Net cash used in investing activities
 
(2,032,340
)
 
(607,585
)
 
(2,567,051
)
 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
Policyholders' account balances:
 
 
 
 
 
 
 
 
Deposits
 
27,030,772

 
26,279,026

 
25,196,030

 
 
Withdrawals
 
(14,530,207
)
 
(13,386,586
)
 
(11,810,633
)
 
Net transfers to separate accounts
 
(11,886,621
)
 
(14,267,126
)
 
(14,094,490
)
 
Net (payments on) proceeds from repurchase agreements
 
(289,625
)
 
(125,646
)
 
415,271

 
Net (payments on) proceeds from Federal Home Loan Bank notes
 
(200,000
)
 
—

 
200,000

 
Net proceeds from (payments on) debt
 
18,191

 
45,000

 
(7,500
)
 
Shares held in trust at cost, net
 
(4,854
)
 
(4,332
)
 
2,313

 
Payment of cash dividends to Parent
 
(710,000
)
 
(697,000
)
 
(507,000
)
 
Net cash used in financing activities
 
(572,344
)
 
(2,156,664
)
 
(606,009
)
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
 
660,844

 
412,708

 
(164,037
)
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents, beginning of year
 
1,399,091

 
986,383

 
1,150,420

Cash and cash equivalents, end of year
 
$
2,059,935

 
$
1,399,091

 
$
986,383

 
 
 
 
 
 
 
 
 
 
 
Supplemental Cash Flow Information
 
 
 
 
 
 
 
Income tax paid (received)
 
$
766,000

 
$
256,829

 
$
(241,921
)
 
Interest paid
 
$
20,943

 
$
21,798

 
$
21,900


See accompanying Notes to Consolidated Financial Statements.

6
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

1.
Business and Basis of Presentation

Jackson National Life Insurance Company (the “Company” or “Jackson”) is wholly owned by Brooke Life Insurance Company (“Brooke Life” or the “Parent”), which is ultimately a wholly owned subsidiary of Prudential plc (“Prudential”), London, England. Jackson, together with its New York life insurance subsidiary, is licensed to sell group and individual annuity products (including immediate, index linked and deferred fixed annuities and variable annuities), guaranteed investment contracts (“GICs”) and individual life insurance products, including variable universal life, in all 50 states and the District of Columbia.

The consolidated financial statements include accounts, after the elimination of intercompany accounts and transactions, of the following:
•
Life insurers: Jackson and its wholly owned subsidiaries Jackson National Life Insurance Company of New York, Squire Reassurance Company LLC (“Squire Re”), VFL International Life Company SPC, LTD and Jackson National Life (Bermuda) LTD;
•
Wholly owned broker-dealer, investment management and investment advisor subsidiaries: Jackson National Life Distributors, LLC, Jackson National Asset Management, LLC, Curian Clearing, LLC and Curian Capital, LLC;
•
PGDS (US One) LLC (“PGDS”), a wholly owned subsidiary that provides information technology services to Jackson and certain affiliates;
•
Hermitage Management, LLC, a wholly owned subsidiary that holds and manages certain real estate related investments;
•
Other insignificant wholly owned subsidiaries; and
•
Other insignificant partnerships, limited liability companies and variable interest entities (“VIEs”) in which Jackson has a controlling interest or is deemed the primary beneficiary.

In 2015, Jackson announced that Curian Capital will no longer accept new business effective July 31, 2015. Curian Capital will continue to actively manage existing accounts into 2016 to allow for the transition of accounts, but are expected to exit the business around the end of the first quarter 2016.

Acquisition
On September 4, 2012, the Company acquired 100% of the equity of SRLC America Holding Corp. (“SRLC”) from Swiss Re Life Capital Ltd (“Swiss Re”). In 2013, the final purchase price for SRLC was settled at $605.1 million. SRLC’s primary subsidiary was Reassure America Life Insurance Company (“REALIC”), which was merged into Jackson as of December 31, 2012. Subsequent to the purchase, SRLC was dissolved and its subsidiaries became direct subsidiaries of Jackson.

Basis of Presentation
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Intercompany accounts and transactions have been eliminated upon consolidation. Certain amounts in the 2014 notes to the consolidated financial statements have been reclassified to conform to the 2015 presentation.

The preparation of the consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and the accompanying notes. Significant estimates or assumptions, as further discussed in the notes, include: 1) valuation of investments and derivative instruments, including fair values of securities deemed to be in an illiquid market and the determination of when an impairment is other-than-temporary; 2) assessments as to whether certain entities are variable interest entities, the existence of reconsideration events and the determination of which party, if any, should consolidate the entity; 3) assumptions impacting estimated future gross profits, including but not limited to, policyholder behavior, mortality rates, expenses, investment returns and policy crediting rates, used in the calculation of amortization of deferred acquisition costs and deferred sales inducements; 4) assumptions used in calculating policy reserves and liabilities, including but not limited to, policyholder behavior, mortality rates, expenses, investment returns and policy crediting rates; 5) assumptions as to future earnings levels being sufficient to realize deferred tax benefits; 6) estimates related to establishment of loan loss reserves, allowances on receivables, liabilities for lawsuits and state guaranty fund assessments; 7) assumptions and estimates associated with the Company’s tax positions which impact the amount of recognized tax benefits recorded by the Company; 8) value of guaranteed benefits; and 9) value of business acquired, its recoverability and amortization. These estimates and assumptions are based on management’s best estimates and judgments.

7
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors deemed appropriate. As facts and circumstances dictate, these estimates and assumptions may be adjusted. Since future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates, including those resulting from continuing changes in the economic environment, will be reflected in the consolidated financial statements in the periods the estimates are changed.

2.
Summary of Significant Accounting Policies

Changes in Accounting Principles - Adopted in Current Year
In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-11, “Repurchase-to-Maturity Transactions, Repurchase Financings and Disclosures.” The updated guidance changes the accounting for repurchase-to-maturity transactions and repurchase financing such that they will be consistent with secured borrowing accounting. In addition, the guidance requires new disclosures for all repurchase agreements and securities lending transactions. Effective January 1, 2015, the Company adopted ASU No. 2014-11 and has included the required disclosures in Note 3, with no impact on the Company’s consolidated financial statements.

Changes in Accounting Principles - Issued but Not Yet Adopted
In September 2015, the FASB issued ASU No. 2015-16, “Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments,” which eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively and also provides updated guidance on the recognition of measurement period adjustments.  ASU No. 2015-16 is effective for years beginning after December 15, 2015, with early adoption permitted for financial statements that have not been issued and should be applied prospectively to adjustments to provisional amounts that occur after the effective date.   The adoption of ASU No. 2015-16 is not expected to have an impact on the Company’s consolidated financial statements.

In May 2015, the FASB issued ASU No. 2015-07, “Fair Value Measurement: Disclosures for Certain Investments that Calculate Net Asset Value per Share (or Its Equivalent),” which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. In addition, the amendments remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient, and limits those disclosures only to those investments for which the practical expedient has been elected. ASU No. 2015-07 is effective for annual periods beginning after December 15, 2015 and should be applied retrospectively for all periods presented. Early adoption is permitted. The adoption of ASU No. 2015-07 is not expected to have an impact on the Company’s consolidated financial statements.

In February 2015, the FASB issued ASU No. 2015-02, “Amendments to the Consolidation Analysis,” which changes the rules regarding consolidation. ASU No. 2015-02 eliminates specialized guidance for limited partnerships and similar legal entities, and removes the indefinite deferral of certain investment funds. ASU No. 2015-02 is effective for periods beginning after December 15, 2015. Early adoption is permitted and may be applied retrospectively or using a modified retrospective approach. The Company is currently assessing the impact of the guidance on the Company’s consolidated financial statements.

In January 2015, the FASB issued ASU No. 2015-01, “Extraordinary and Unusual Items: Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items,” which eliminates the concept of extraordinary items. This ASU may be applied prospectively or retrospectively. Early adoption is permitted if the guidance is applied as of the beginning of the annual period of adoption. ASU No. 2015-01 is effective for annual periods ending after December 15, 2016 and is not expected to have an impact on the Company’s consolidated financial statements.

In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements - Going Concern,” which defines management’s responsibility to evaluate whether there is substantial doubt about the organization’s ability to continue as a going concern and to provide related disclosures in the footnotes. Management is required to evaluate for each annual period whether it is probable that the entity will not be able to meet its obligations as they become due within one year after the date that financial statements are issued, or available to be issued. ASU No. 2014-15 is effective for periods beginning after December 15, 2016 and is not expected to have an impact on the Company’s consolidated financial statements.

8
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” which clarifies the principles of recognizing revenue. This standard establishes the core principle of recognizing revenue to depict the transfer of promised goods or services in an amount that reflects the consideration the entity expects to be entitled in exchange for those goods or services. The FASB defines a five-step process which systematically identifies the various components of the revenue recognition process, culminating with the recognition of revenue upon satisfaction of an entity’s performance obligation. The guidance also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from cost incurred to obtain or fulfill a contract. This guidance does not apply to insurance contracts within the scope of Accounting Standards Codification Topic 944, “Financial Services - Insurance.” Early adoption is not permitted. ASU No. 2014-09 is effective retrospectively for periods beginning after December 15, 2017. The Company is currently assessing the impact of the guidance on the Company’s consolidated financial statements and disclosures.

Comprehensive Income
Comprehensive income includes all changes in stockholder’s equity (except those arising from transactions with owners/stockholders) and, in the Company’s case, includes net income and net unrealized gains or losses on available for sale securities.

Investments
Fixed maturities consist primarily of bonds, notes, and asset-backed securities. Acquisition discounts and premiums on fixed maturities are amortized into investment income through call or maturity dates using the effective interest method. Discounts and premiums on asset-backed securities are amortized over the estimated redemption period. Certain asset-backed securities are considered to be other than high quality or otherwise deemed to be high-risk, meaning the Company might not recover substantially all of its recorded investment due to unanticipated prepayment events. For these securities, changes in investment yields due to changes in estimated future cash flows are accounted for on a prospective basis. The carrying value of such securities was $506.8 million and $662.8 million as of December 31, 2015 and 2014, respectively.

Fixed maturities are generally classified as available for sale and are carried at fair value. For declines in fair value considered to be other-than-temporary, an impairment charge reflecting the difference between the amortized cost basis and fair value is included in net realized losses on investments. If management believes the Company does not intend to sell the security and is not more likely than not to be required to sell the security prior to recovery of its amortized cost basis, an amount representing the non-credit related portion of a loss is reclassified out of net realized losses on investments and into other comprehensive income. In determining whether an other-than-temporary impairment has occurred, and in calculating the non-credit related component of the total impairment loss, the Company considers a number of factors, which are further described in Note 3.

Equity securities are classified as trading. Trading securities are carried at fair value with changes in value included in net investment income.

Commercial mortgage loans are carried at the aggregate unpaid principal balance, adjusted for any applicable unamortized discount or premium, impairments or allowance for loan losses.

On a periodic basis, the Company assesses the commercial mortgage loan portfolio for the need for an allowance for loan losses. In determining its allowance for loan losses, the Company evaluates each loan to determine if it is probable that amounts due according to the contractual terms of the loan agreement will not be collected. The allowance includes loan specific reserves for loans that are determined to be non-performing as a result of this loan review process and a portfolio reserve for probable incurred but not specifically identified losses for performing loans. The loan specific portion of the loss allowance is based on the Company’s assessment as to ultimate collectability of loan principal and interest, or other value expected in lieu of loan principal and interest. This review contemplates a variety of factors which may include, but are not limited to, current economic conditions, the physical condition of the property, the financial condition of the borrower, and the near and long-term prospects for change in these conditions. In determining the portfolio reserve for incurred but not specifically identified losses, Jackson considers the current credit composition of the portfolio based on the results of its loan modeling analysis, which considers property type, default statistics, historical losses and other relevant factors to determine probability of default and other default loss estimates. Model assumptions are updated each quarter and, based upon actual loan experience, are considered together with other relevant qualitative factors in making

9
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

the final portfolio reserve calculations. The valuation allowance for commercial mortgage loans can increase or decrease from period to period based on these factors. Changes in the allowance for loan losses are recorded in net investment income.

Separately, the Company also reviews individual loans in the portfolio for impairment based on an assessment of the factors identified above. Impairment charges recognized are recorded initially against the established loan loss allowance and, if necessary, any additional amounts are recorded as realized losses. As deemed necessary based on cash flow expectations and other factors, Jackson may place loans on non-accrual status. In this case, all cash received is applied against the carrying value of the loan.

Policy loans are loans the Company issues to contract holders that use the cash surrender value of their life insurance policy or annuity contract as collateral. In connection with the acquisition of REALIC, the Company elected the fair value option upon acquisition of policy loans held as collateral for reinsurance, further described below. At both December 31, 2015 and 2014, $3.2 billion of these loans were carried at fair value, which the Company believes is equal to the unpaid principal balances plus accrued investment income. At both December 31, 2015 and 2014, the Company had $1.3 billion of policy loans not held as collateral for reinsurance, which were carried at the unpaid principal balances.

Other invested assets primarily include investments in limited partnerships and real estate. The Company has elected the fair value option for limited partnerships, which is consistent with the role of these investments within the investment portfolio. Carrying values for limited partnership investments are determined by using the proportion of the Company’s investment in each fund (Net Asset Value (“NAV”) equivalent) as a practical expedient for fair value.

Real estate is carried at the lower of depreciated cost or fair value.

The Company holds interests in VIEs that represent primary beneficial interests. These consolidated VIEs are comprised of entities structured to hold and manage investments.

Realized gains and losses on sales of investments are recognized in income at the date of sale and are determined using the specific cost identification method.

In connection with the acquisition of REALIC, the Company elected the fair value option for certain assets which are held as collateral for reinsurance, as further described below. Accordingly, the Company established a funds held liability, for which the Company also elected the fair value option. The value of the funds held liability is equal to the fair value of the assets held as collateral. The income and any changes in unrealized gains and losses on these assets and the corresponding funds held liability are included in net investment income and have no impact on the Company’s consolidated income statements.

The changes in unrealized gains and losses on certain investments that are classified as available for sale and the non-credit related portion of other-than-temporary impairment charges are excluded from net income and included as a component of other comprehensive income and total equity, net of tax and the effect of the adjustment for deferred acquisition costs and deferred sales inducements. The changes in unrealized gains and losses on investments for which Jackson elected the fair value option are included in net investment income.

Derivative Instruments and Embedded Derivatives
The Company enters into financial derivative transactions, including, but not limited to, swaps, put-swaptions, futures and options to reduce and manage business risks. These transactions manage the risk of a change in the value, yield, price, cash flows, credit quality or degree of exposure with respect to assets, liabilities or future cash flows which the Company has acquired or incurred. The Company manages the potential credit exposure for over-the-counter derivative contracts through careful evaluation of the counterparty credit standing, collateral agreements, and master netting agreements. The Company is exposed to credit-related losses in the event of nonperformance by counterparties, however, it does not anticipate nonperformance. There were no charges due to nonperformance by derivative counterparties in 2015, 2014, or 2013.

The Company generally uses freestanding derivative instruments for hedging purposes. Additionally, certain liabilities, primarily trust instruments supported by funding agreements, fixed index annuities and guarantees offered in connection with variable annuities issued by the Company, may contain embedded derivative instruments. Further details regarding

10
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

Jackson’s derivative positions are included in Note 4. The Company generally does not account for freestanding derivatives as either fair value or cash flow hedges as might be permitted if specific hedging documentation requirements were followed. Financial derivatives, including derivatives embedded in certain host liabilities that have been separated for accounting and financial reporting purposes, are carried at fair value. The results from freestanding derivative instruments and embedded derivatives, including net payments, realized gains and losses and changes in value, are reported in net income, as further detailed in Note 4.

Cash and Cash Equivalents
Cash and cash equivalents primarily include money market instruments and bank deposits.

Fair Value Measurement
Fair value measurements are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s view of market assumptions in the absence of observable market information. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. All financial assets and liabilities measured at fair value are required to be classified into one of the following categories:

Level 1
Observable inputs that reflect quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. Level 1 securities include U.S. Treasury securities and exchange traded equity securities and derivative instruments.

Level 2
Observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities. Most fixed maturity securities that are model priced using observable inputs are classified within Level 2. Also included are freestanding and embedded derivative instruments that are priced using models with observable market inputs.

Level 3
Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk). Limited partnership interests and those embedded derivative instruments that are valued using unobservable inputs are included in Level 3. Because Level 3 fair values, by their nature, contain unobservable market inputs, considerable judgment may be used to determine the Level 3 fair values. Level 3 fair values represent the Company’s best estimate of an amount that could be realized in a current market exchange absent actual market exchanges.

In many situations, inputs used to measure the fair value of an asset or liability may fall into different levels of the fair value hierarchy. In these situations, the Company determines the level in which the fair value falls based upon the lowest level input that is significant to the determination of the fair value. As a result, both observable and unobservable inputs may be used in the determination of fair values that the Company has classified within Level 3.

The Company determines the fair values of certain financial assets and liabilities based on quoted market prices, where available. The Company may also determine fair value based on estimated future cash flows discounted at the appropriate current market rate. When appropriate, fair values reflect adjustments for counterparty credit quality, the Company’s credit standing, liquidity and risk margins on unobservable inputs.

Where quoted market prices are not available, fair value estimates are made at a point in time, based on relevant market data, as well as the best information about the individual financial instrument. At times, illiquid market conditions may result in inactive markets for certain of the Company’s financial instruments. In such instances, there may be no or limited observable market data for these assets and liabilities. Fair value estimates for financial instruments deemed to be in an illiquid market are based on judgments regarding current economic conditions, liquidity discounts, currency, credit and interest rate risks, loss experience and other factors. These fair values are estimates and involve considerable uncertainty and variability as a result of the inputs selected and may differ materially from the values that would have been used had an active market existed. As a result of market inactivity, such calculated fair value estimates may not be realizable in an immediate sale or settlement of the instrument. In addition, changes in the underlying assumptions used in the fair value measurement technique could significantly affect these fair value estimates.

Refer to Note 5 for further discussion of the methodologies used to determine fair values of the Company’s financial instruments.

11
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

Deferred Acquisition Costs
Under current accounting guidance, certain costs that are directly related to the successful acquisition of new or renewal insurance business can be capitalized as deferred acquisition costs. These costs primarily pertain to commissions and certain costs associated with policy issuance and underwriting. All other acquisition costs are expensed as incurred.

Deferred acquisition costs are increased by interest thereon and amortized into income in proportion to anticipated premium revenues for traditional life policies and in proportion to estimated gross profits, including realized gains and losses and derivative movements, for annuities and interest-sensitive life products. Due to volatility of certain factors that affect gross profits, including realized capital gains and losses and derivative movements, amortization may be a benefit or a charge in any given period. In the event of negative amortization, the related deferred acquisition cost balance is capped at the initial amount capitalized, plus interest. Unamortized deferred acquisition costs are written off when a contract is internally replaced and substantially changed.

As certain fixed maturities available for sale are carried at fair value, an adjustment is made to deferred acquisition costs equal to the change in amortization that would have occurred if such securities had been sold at their stated fair value and the proceeds reinvested at current yields. This adjustment, along with the change in net unrealized gains (losses) on fixed maturities available for sale, net of applicable tax, is credited or charged directly to equity as a component of other comprehensive income. At December 31, 2015 and 2014, deferred acquisition costs decreased by $296.9 million and $725.9 million, respectively, to reflect this adjustment.

For variable annuity business, the Company employs a mean reversion methodology that is applied with the objective of adjusting the amortization of deferred acquisition costs that would otherwise be highly volatile due to fluctuations in the level of future gross profits arising from changes in equity market levels.  The mean reversion methodology achieves this objective by applying a dynamic adjustment to the assumption for short-term future investment returns. Under this methodology, the projected returns for the next five years are set such that, when combined with the actual returns for the current and preceding two years, the average rate of return over the eight-year period is 7.4% for both 2015 and 2014, after investment management fees. The mean reversion methodology does, however, include a cap and a floor of 15% and 0% per annum, respectively, on the projected return for each of the next five years. At December 31, 2015 and 2014, projected returns after the next five years were set at 7.4%. At December 31, 2015 and 2014, projected returns under mean reversion were within the range bounded by the 15% cap and 0% floor.

Deferred acquisition costs are reviewed periodically to ensure that the unamortized portion does not exceed the expected recoverable amounts. Any amount deemed unrecoverable is written off with a charge through deferred acquisition costs amortization. No such write-offs were required for 2015, 2014, and 2013. During 2015, certain amounts related to life products were adjusted, resulting in an additional $75 million in deferred acquisition cost amortization.

Deferred Sales Inducements
Under current accounting guidance, certain sales inducement costs that are directly related to the successful acquisition of new or renewal insurance business can be capitalized as deferred sales inducement costs. Bonus interest on deferred fixed annuities and contract enhancements on fixed index annuities and variable annuities are capitalized as deferred sales inducements and included in other assets. Deferred sales inducements are increased by interest thereon and amortized into income in proportion to estimated gross profits, including realized capital gains and losses and derivative movements. Due to volatility of certain factors that affect gross profits, including realized capital gains and losses and derivative movements, amortization may be a benefit or a charge in any given period. In the event of negative amortization, the related deferred sales inducements balance is capped at the initial amount capitalized, plus interest. Unamortized deferred sales inducements are written off when a contract is internally replaced and substantially changed.

As certain fixed maturities available for sale are carried at fair value, an adjustment is made to deferred sales inducements equal to the change in amortization that would have occurred if such securities had been sold at their stated fair value and the proceeds reinvested at current yields. This adjustment, along with the change in net unrealized gains (losses) on fixed maturities available for sale, net of applicable tax, is credited or charged directly to equity as a component of other comprehensive income. At December 31, 2015 and 2014, deferred sales inducements decreased by $54.9 million and $129.9 million, respectively, to reflect this adjustment.

For variable annuity business, the Company employs the same mean reversion methodology as is employed for deferred acquisition costs as described above.

12
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

Deferred sales inducements are reviewed periodically to ensure that the unamortized portion does not exceed the expected recoverable amounts. Any amount deemed unrecoverable is written off with a charge through deferred sales inducements amortization. No such write-offs were required for 2015, 2014, and 2013.

Actuarial Assumption Changes (Unlocking)
Annually, or as circumstances warrant, the Company conducts a comprehensive review of the assumptions used for its estimates of future gross profits underlying the amortization of deferred acquisition costs and deferred sales inducements, as well as the valuation of the embedded derivatives and reserves for life insurance and annuity products with living benefit and death benefit guarantees.  These assumptions include, but may not be limited to, policyholder behavior, mortality rates, expenses, investment returns and policy crediting rates. Based on this review, the cumulative balances of deferred acquisition costs, deferred sales inducements and life and annuity guaranteed benefit reserves are adjusted with a corresponding benefit or charge to net income.   

Reinsurance and Funds Held Under Reinsurance Treaties
The Company enters into assumed and ceded reinsurance agreements with other companies in the normal course of business.  Ceded reinsurance agreements are reported on a gross basis on the Company’s consolidated balance sheets as an asset for amounts recoverable from reinsurers or as a component of other assets or liabilities for amounts, such as premiums, owed to or due from reinsurers.  Reinsurance assumed and ceded premiums and benefits paid or provided are accounted for on bases consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts.  Premium income and benefit expenses are reported net of reinsurance assumed and ceded.

In connection with and prior to the previously mentioned acquisition, REALIC entered into three retrocession reinsurance agreements (“retro treaties”) with Swiss Reinsurance Company Ltd. (“SRZ”). Pursuant to these retro treaties, the Company ceded to SRZ on a 100% coinsurance basis, subject to pre-existing reinsurance with other parties, certain blocks of business written or assumed by REALIC.

As a result of these retro treaties, the Company holds certain assets, primarily in the form of policy loans and fixed maturities, as collateral for the reinsurance recoverable. Investment income and realized gains or losses earned on assets held as collateral are paid by the Company to SRZ, pursuant to the terms of the treaties. Investment income and realized gains and losses are reported net of investment income and realized gains and losses on funds held under reinsurance treaties, with no net impact on the Company’s consolidated income statements.

The income credited to SRZ on the funds held for the retro treaties is based on the income earned on those assets, which results in an embedded derivative (total return swap). However, at acquisition, the Company elected the fair value option for the funds held liability, which is carried at fair value with changes in fair value reported in net investment income. Accordingly, the embedded derivative is not bifurcated or separately valued.

Value of Business Acquired
As a result of the acquisition of SRLC in 2012, the Company recorded an intangible asset representing the value of business acquired (“VOBA”), which is included in other assets. In connection with the acquisition of insurance policies and investment contracts, a portion of the purchase price is assigned to the right to receive future gross profits from the acquired insurance policies and investment contracts. This intangible asset, or VOBA, represents the actuarially estimated present value of future cash flows from the acquired policies. The Company established a VOBA intangible asset for the acquired traditional life insurance products and deferred annuity contracts, as a result of the acquisition of SRLC. This intangible asset will be amortized over the life of the business, which approximates 20 years. The unamortized VOBA balance is subject to recoverability testing at the end of each reporting period to ensure that the balance does not exceed the present value of anticipated gross profits.

Income Taxes
The Company files income tax returns with the U.S. federal government and various state and local jurisdictions, as well as certain foreign jurisdictions.
Jackson files a consolidated federal income tax return with Brooke Life and Jackson National Life Insurance Company of New York. Jackson National Life (Bermuda) LTD and VFL International Life Company SPC, LTD are taxed as controlled foreign corporations of Jackson. With the exception of several insignificant wholly owned subsidiaries that aren’t included in the Jackson consolidated tax return, all other subsidiaries are limited liability companies with all of their

13
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

interests owned by Jackson. Accordingly, they are not considered separate entities for income tax purposes and, therefore, are taxed as part of the operations of Jackson. Income tax expense is the lesser of the amount calculated on a separate company basis or Jackson’s pro-rata share of the actual liability as determined under the consolidated return taking into account only Jackson and Brooke Life.

Deferred federal income taxes arise from the recognition of temporary differences between the basis of assets and liabilities determined for financial reporting purposes and the basis determined for income tax purposes. Such temporary differences are principally related to the effects of recording certain invested assets at market value, the deferral of acquisition costs and sales inducements and the provisions for future policy benefits and expenses. Deferred tax assets and liabilities are measured using the tax rates expected to be in effect when such benefits are realized. Jackson is required to test the value of deferred tax assets for realizability. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available positive and negative evidence, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. In determining the need for a valuation allowance, the Company considers the carryback eligibility of losses, reversal of existing temporary differences, estimated future taxable income and tax planning strategies.

The determination of the valuation allowance for Jackson’s deferred tax assets requires management to make certain judgments and assumptions regarding future operations that are based on historical experience and expectations of future performance. In order to recognize a tax benefit in the consolidated financial statements, there must be a greater than fifty percent chance of success of the Company’s position being sustained by the relevant taxing authority with regard to that tax position. Management’s judgments are potentially subject to change given the inherent uncertainty in predicting future performance, which is impacted by such factors as policyholder behavior, competitor pricing and other specific industry and market conditions.

The Company recognizes accrued interest and penalties, if any, related to unrecognized tax benefits as a component of tax expense.
   
Reserves for Future Policy Benefits and Claims Payable and Other Contract Holder Funds
For traditional life insurance contracts, which include term and whole life, reserves for future policy benefits are determined using the net level premium method and assumptions as of the issue date or acquisition date as to mortality, interest, persistency and expenses plus provisions for adverse deviations. These assumptions are not unlocked unless the reserve is determined to be deficient. Mortality assumptions range from 30% to 175% of the 1975-1980 Basic Select and Ultimate tables depending on policy duration. Interest rate assumptions range from 2.5% to 6.0%. Lapse and expense assumptions are based on Company experience. The Company’s liability for future policy benefits also includes net liabilities for guaranteed benefits related to certain nontraditional long-duration life and annuity contracts, which are further discussed in Note 9.

Upon acquisition of REALIC, the Company recorded a fair value adjustment related to certain annuity and interest sensitive liability blocks of business to reflect the cost of the interest guarantees within the inforce liabilities, based on the difference between the guaranteed interest rate and an assumed new money guaranteed interest rate. This adjustment was recorded in reserves for future policy benefits and claims payable. This component of the acquired reserves is reassessed at the end of each period, taking into account changes in the inforce block. Any resulting change in the reserve is recorded as a change in policy reserve through the consolidated income statements.   

For the Company’s interest-sensitive life contracts, liabilities approximate the policyholder’s account value, plus the remaining balance of the fair value adjustment related to the REALIC acquired business. For fixed deferred annuities, the liability is the policyholder’s account value, plus the unamortized balance of the fair value adjustment related to the REALIC acquired business. For the fixed option on variable annuities, guaranteed investment contracts and other investment contracts, the liability is the policyholder’s account value. The liability for fixed index annuities is based on three components, 1) the imputed value of the underlying guaranteed host contract, 2) the fair value of the embedded option component of the contract and 3) the liability for guaranteed benefits related to the optional lifetime income rider.

The Company has formed both a special purpose vehicle and a statutory business trust, solely for the purpose of issuing Medium Term Note instruments to institutional investors, the proceeds of which are deposited with the Company and secured by the issuance of funding agreements.

14
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

Those Medium Term Note instruments issued in a foreign currency have been economically hedged for changes in exchange rates using cross-currency swaps. The fair value of derivatives embedded in funding agreements, including unrealized foreign currency gains and losses, are included in the carrying value of the trust instruments supported by funding agreements.

Trust instrument liabilities are adjusted to reflect the effects of foreign currency gains and losses using exchange rates as of the reporting date. Foreign currency gains and losses are included in other net investment losses.

Jackson and Squire Re are members of the Federal Home Loan Bank of Indianapolis (“FHLBI”) primarily for the purpose of participating in the bank’s mortgage-collateralized loan advance program with short-term and long-term funding facilities. Members are required to purchase and hold a minimum amount of FHLBI capital stock plus additional stock based on outstanding advances. Advances are in the form of short-term or long-term notes or funding agreements issued to FHLBI.

The Company’s institutional products business is comprised of the guaranteed investment contracts, funding agreements and FHLBI funding agreement advances described above.

Contingent Liabilities
The Company is a party to legal actions and, at times, regulatory investigations. Given the inherent unpredictability of these matters, it is difficult to estimate their impact on the Company’s financial position. A reserve is established for contingent liabilities if it is probable that a loss has been incurred and the amount is reasonably estimable. It is possible that an adverse outcome in certain of the Company’s contingent liabilities, or the use of different assumptions in the determination of amounts recorded, could have a material effect upon the Company’s financial position. However, it is the opinion of management that the ultimate disposition of contingent liabilities is unlikely to have a material adverse effect on the Company's financial position.

Separate Account Assets and Liabilities
The Company maintains separate account assets, which are reported at fair value.  The related liabilities are reported at an amount equivalent to the separate account assets.  At December 31, 2015 and 2014, the assets and liabilities associated with variable life and annuity contracts were $134.2 billion and $127.5 billion, respectively.  Investment risks associated with market value changes are borne by the contract holders, except to the extent of minimum guarantees made by the Company.  Refer to Note 9 for additional information regarding the Company’s contractual guarantees.  Separate account net investment income, net investment realized and unrealized gains and losses, and the related liability changes are offset within the same line item in the consolidated income statements. Amounts assessed against the contract holders for mortality, administrative, and other services are reported in revenue as fee income. 

Included in the above mentioned assets and liabilities is a Company issued group variable annuity contract designed for use in connection with and issued to the Company’s Defined Contribution Retirement Plan. These deposits are allocated to the Jackson National Separate Account - II, which had balances of $268.2 million and $332.0 million at December 31, 2015 and 2014, respectively. The Company receives administrative fees for managing the funds. These fees are recorded as earned and included in fee income in the consolidated income statements.

Debt
Liabilities for the Company’s debt are primarily carried at an amount equal to the unpaid principal balance.  Original issuance discount or premium and any debt issue costs, if applicable, are recognized as a component of interest expense over the period the debt is expected to be outstanding.  Refer to Note 10 for further information regarding the Company’s debt. 

Share-Based Compensation
As more fully described in Note 14, the Company has certain share award plans that are either equity settled or liability settled. For equity settled share award plans, the Company recognizes compensation expense based on a grant-date award fair value as determined using either the Black-Scholes model or the Monte Carlo model, ratably over the requisite service period of each individual grant, which generally equals the vesting period. For the liability settled share award plans, the associated compensation expense is recognized based on the change in fair value of the award at the end of each reporting period due to cash settlement alternatives.


15
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

Revenue and Expense Recognition
Premiums for traditional life insurance are reported as revenues when due. Benefits, claims and expenses are associated with earned revenues in order to recognize profit over the lives of the contracts. This association is accomplished through provisions for future policy benefits and the deferral and amortization of certain acquisition costs.

Deposits on interest-sensitive life products and investment contracts, principally deferred annuities and guaranteed investment contracts, are treated as policyholder deposits and excluded from revenue. Revenues consist primarily of investment income and charges assessed against the account value for mortality charges, surrenders, variable annuity benefit guarantees and administrative expenses. Fee income also includes revenues related to asset management fees and certain service fees. Surrender benefits are treated as repayments of the policyholder account. Annuity benefit payments are treated as reductions to the policyholder account. Death benefits in excess of the policyholder account are recognized as an expense when incurred. Expenses consist primarily of the interest credited to policyholder deposits. Underwriting and other direct acquisition expenses are associated with gross profit in order to recognize profit over the life of the business. This is accomplished through deferral and amortization of acquisition costs and sales inducements. Expenses not related to policy acquisition are recognized when incurred.

Investment income is not accrued on securities in default and otherwise where the collection is uncertain. In these cases, receipts of interest on such securities are used to reduce the cost basis of the securities.

Subsequent Events
The Company has evaluated events through March 4, 2016, which is the date the consolidated financial statements were available to be issued.

3.
Investments

Investments are comprised primarily of fixed-income securities and loans, primarily publicly-traded corporate and government bonds, asset-backed securities and commercial mortgage loans. Asset-backed securities include mortgage-backed and other structured securities. The Company generates the majority of its general account deposits from interest-sensitive individual annuity contracts, life insurance products and guaranteed investment contracts on which it has committed to pay a declared rate of interest. The Company's strategy of investing in fixed-income securities and loans aims to ensure matching of the asset yield with the amounts credited to the interest-sensitive liabilities and to earn a stable return on its investments.

Fixed Maturities
The following table sets forth the composition of the fair value of fixed maturities at December 31, 2015, classified by rating categories as assigned by nationally recognized statistical rating organizations (“NRSRO”), the National Association of Insurance Commissioners (“NAIC”), or if not rated by such organizations, the Company’s affiliated investment advisor. At December 31, 2015, the carrying value of investments rated by the Company’s affiliated investment advisor totaled $274.7 million. For purposes of the table, if not otherwise rated higher by a NRSRO, NAIC Class 1 investments are included in the A rating; Class 2 in BBB; Class 3 in BB and Classes 4 through 6 in B and below.
 
Percent of Total
 
Fixed Maturities
 
Carrying Value
Investment Rating
December 31, 2015
AAA
22.1
%
AA
6.5
%
A
33.8
%
BBB
33.6
%
Investment grade
96.0
%
BB
2.2
%
B and below
1.8
%
Below investment grade
4.0
%
Total fixed maturities
100.0
%

16
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

At December 31, 2015, based on ratings by NRSROs, of the total carrying value of fixed maturities in an unrealized loss position, 87% were investment grade, 4% were below investment grade and 9% were not rated. Unrealized losses on fixed maturities that were below investment grade or not rated were approximately 16% of the aggregate gross unrealized losses on available for sale fixed maturities.

Corporate securities in an unrealized loss position were diversified across industries. As of December 31, 2015, the industries accounting for the larger percentage of unrealized losses included energy (28% of fixed maturities gross unrealized losses) and basic industry (18%). The largest unrealized loss related to a single corporate obligor was $53.0 million at December 31, 2015.

At December 31, 2015 and 2014, the amortized cost, gross unrealized gains and losses, fair value and non-credit other-than-temporary impairment (“OTTI”) of available for sale fixed maturities, including $141.6 million and $142.6 million in securities carried at fair value under the fair value option, were as follows (in thousands):

 
 
 
 
Gross
 
Gross
 
 
 
 
 
 
Amortized
 
Unrealized
 
Unrealized
 
Fair
 
Non-credit
December 31, 2015
Cost (1)
 
Gains
 
Losses
 
Value
 
OTTI (2)
Fixed Maturities
 
 
 
 
 
 
 
 
 
U.S. government securities
$
5,124,445

 
$
185,232

 
$
105,009

 
$
5,204,668

 
$
—

Other government securities
1,072,160

 
1,846

 
28,203

 
1,045,803

 
—

Public utilities
4,230,606

 
278,969

 
39,428

 
4,470,147

 
—

Corporate securities
32,380,218

 
1,143,277

 
752,220

 
32,771,275

 
—

Residential mortgage-backed
1,829,293

 
69,547

 
14,658

 
1,884,182

 
(32,784
)
Commercial mortgage-backed
3,424,314

 
102,043

 
26,110

 
3,500,247

 
(313
)
Other asset-backed securities
943,805

 
18,150

 
35,237

 
926,718

 
(19,938
)
Total fixed maturities
$
49,004,841

 
$
1,799,064

 
$
1,000,865

 
$
49,803,040

 
$
(53,035
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross
 
Gross
 
 
 
 
 
 
Amortized
 
Unrealized
 
Unrealized
 
Fair
 
Non-credit
December 31, 2014
Cost (1)
 
Gains
 
Losses
 
Value
 
OTTI (2)
Fixed Maturities
 
 
 
 
 
 
 
 
 
U.S. government securities
$
4,839,189

 
$
318,904

 
$
23,373

 
$
5,134,720

 
$
—

Other government securities
1,061,471

 
5,088

 
9,445

 
1,057,114

 
—

Public utilities
4,197,016

 
445,398

 
5,803

 
4,636,611

 
—

Corporate securities
31,436,874

 
1,923,803

 
191,462

 
33,169,215

 
—

Residential mortgage-backed
2,365,030

 
90,801

 
23,545

 
2,432,286

 
(46,350
)
Commercial mortgage-backed
3,397,229

 
226,476

 
16,766

 
3,606,939

 
137

Other asset-backed securities
948,686

 
28,005

 
34,999

 
941,692

 
(21,846
)
Total fixed maturities
$
48,245,495

 
$
3,038,475

 
$
305,393

 
$
50,978,577

 
$
(68,059
)
 
 
 
 
 
 
 
 
 
 
 
(1) Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option.
(2) Represents the amount of non-credit OTTI gains (losses) recognized in other comprehensive income on securities for which credit impairments have been recorded.


17
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

The amortized cost, gross unrealized gains and losses, and fair value of fixed maturities at December 31, 2015, by contractual maturity, are shown below (in thousands). Actual maturities may differ from contractual maturities where securities can be called or prepaid with or without early redemption penalties.
 
 
 
 
Gross
 
Gross
 
 
 
 
Amortized(1)
 
Unrealized
 
Unrealized
 
 
 
 
Cost
 
Gains
 
Losses
 
Fair Value
Due in 1 year or less
$
848,278

 
$
15,156

 
$
485

 
$
862,949

Due after 1 year through 5 years
11,597,254

 
704,099

 
74,455

 
12,226,898

Due after 5 years through 10 years
20,249,976

 
457,270

 
486,601

 
20,220,645

Due after 10 years through 20 years
3,093,609

 
150,413

 
72,784

 
3,171,238

Due after 20 years
7,018,312

 
282,386

 
290,535

 
7,010,163

Residential mortgage-backed
1,829,293

 
69,547

 
14,658

 
1,884,182

Commercial mortgage-backed
3,424,314

 
102,043

 
26,110

 
3,500,247

Other asset-backed securities
943,805

 
18,150

 
35,237

 
926,718

Total
$
49,004,841

 
$
1,799,064

 
$
1,000,865

 
$
49,803,040

 
 
 
 
 
 
 
 
 
(1)  Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option.

Securities with a carrying value of $139.1 million and $116.0 million at December 31, 2015 and 2014, respectively, were on deposit with regulatory authorities, as required by law in various states in which business is conducted.

At December 31, 2015 and 2014, fixed maturities include $128.5 million and $129.7 million, respectively, held in trust pursuant to the retro treaties with SRZ.

Residential mortgage-backed securities (“RMBS”) include certain RMBS, which are collateralized by residential mortgage loans and are neither explicitly nor implicitly guaranteed by U.S. government agencies (“non-agency RMBS”). The Company’s non-agency RMBS include investments in securities backed by prime, Alt-A, and subprime loans as follows (in thousands):
 
 
 
 
Gross
 
Gross
 
 
 
 
Amortized
 
Unrealized
 
Unrealized
 
Fair
December 31, 2015
Cost
 
Gains
 
Losses
 
Value
Prime
$
299,619

 
$
12,930

 
$
2,992

 
$
309,557

Alt-A
264,907

 
16,609

 
2,613

 
278,903

Subprime
278,835

 
7,616

 
5,200

 
281,251

Total non-agency RMBS
$
843,361

 
$
37,155

 
$
10,805

 
$
869,711

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross
 
Gross
 
 
 
 
Amortized
 
Unrealized
 
Unrealized
 
Fair
December 31, 2014
Cost
 
Gains
 
Losses
 
Value
Prime
$
404,048

 
$
17,209

 
$
3,973

 
$
417,284

Alt-A
361,607

 
19,156

 
2,854

 
377,909

Subprime
371,339

 
             7,715

 
           13,931

 
365,123

Total non-agency RMBS
$
1,136,994

 
 $ 44,080

 
 $ 20,758

 
$
1,160,316


The Company defines its exposure to non-agency residential mortgage loans as follows. Prime loan-backed securities are collateralized by mortgage loans made to the highest rated borrowers. Alt-A loan-backed securities are collateralized by mortgage loans made to borrowers who lack credit documentation or necessary requirements to obtain prime borrower rates. Subprime loan-backed securities are collateralized by mortgage loans made to borrowers that have a FICO score of 680 or lower.

18
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

The following table summarizes the number of securities, fair value and the related amount of gross unrealized losses aggregated by investment category and length of time that individual fixed maturities have been in a continuous loss position (dollars in thousands):
 
 
December 31, 2015
 
December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less than 12 months
 
Less than 12 months
 
 
Gross
 
 
 
 
 
Gross
 
 
 
 
 
 
Unrealized
 
 
 
# of
 
Unrealized
 
 
 
# of
 
 
Losses
 
Fair Value
 
securities
 
Losses
 
Fair Value
 
securities
U.S. government securities
$
100,212

 
$
2,697,165

 
16

 
$
518

 
$
36,181

 
4

Other government securities
27,546

 
721,757

 
23

 
100

 
31,717

 
2

Public utilities
35,389

 
768,512

 
89

 
496

 
47,956

 
12

Corporate securities
553,545

 
10,963,146

 
903

 
95,577

 
2,722,165

 
267

Residential mortgage-backed
2,227

 
196,575

 
40

 
1,190

 
109,022

 
20

Commercial mortgage-backed
14,266

 
777,720

 
47

 
728

 
171,336

 
10

Other asset-backed securities
3,069

 
372,084

 
62

 
13,647

 
201,095

 
31

Total temporarily impaired
 
 
 
 
 
 
 
 
 
 
 
securities
$
736,254

 
$
16,496,959

 
1,180

 
$
112,256

 
$
3,319,472

 
346

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
12 months or longer
 
12 months or longer
 
 
Gross
 
 
 
 
 
Gross
 
 
 
 
 
 
Unrealized
 
 
 
# of
 
Unrealized
 
 
 
# of
 
 
Losses
 
Fair Value
 
securities
 
Losses
 
Fair Value
 
securities
U.S. government securities
$
4,797

 
$
213,830

 
5

 
$
22,854

 
$
1,387,984

 
14

Other government securities
657

 
26,048

 
2

 
9,345

 
577,550

 
22

Public utilities
4,039

 
17,483

 
4

 
5,307

 
195,916

 
29

Corporate securities
198,675

 
968,640

 
123

 
95,886

 
2,658,508

 
255

Residential mortgage-backed
12,431

 
226,208

 
67

 
22,355

 
385,243

 
91

Commercial mortgage-backed
11,844

 
291,896

 
23

 
16,038

 
319,483

 
36

Other asset-backed securities
32,168

 
164,905

 
25

 
21,352

 
165,403

 
26

Total temporarily impaired
 
 
 
 
 
 
 
 
 
 
 
securities
$
264,611

 
$
1,909,010

 
249

 
$
193,137

 
$
5,690,087

 
473

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
Total
 
 
Gross
 
 
 
 
 
Gross
 
 
 
 
 
 
Unrealized
 
 
 
# of
 
Unrealized
 
 
 
# of
 
 
Losses
 
Fair Value
 
securities
 
Losses
 
Fair Value
 
securities
U.S. government securities
$
105,009

 
$
2,910,995

 
21

 
$
23,372

 
$
1,424,165

 
18

Other government securities
28,203

 
747,805

 
25

 
9,445

 
609,267

 
24

Public utilities
39,428

 
785,995

 
93

 
5,803

 
243,872

 
41

Corporate securities
752,220

 
11,931,786

 
1,026

 
191,463

 
5,380,673

 
522

Residential mortgage-backed
14,658

 
422,783

 
107

 
23,545

 
494,265

 
111

Commercial mortgage-backed
26,110

 
1,069,616

 
70

 
16,766

 
490,819

 
46

Other asset-backed securities
35,237

 
536,989

 
87

 
34,999

 
366,498

 
57

Total temporarily impaired
 
 
 
 
 
 
 
 
 
 
 
securities
$
1,000,865

 
$
18,405,969

 
1,429

 
$
305,393

 
$
9,009,559

 
819


Other-Than-Temporary Impairments on Available For Sale Securities
The Company periodically reviews its available for sale fixed maturities on a case-by-case basis to determine if any decline in fair value to below cost or amortized cost is other-than-temporary. Factors considered in determining whether a decline is other-than-temporary include the length of time a security has been in an unrealized loss position, the severity of the unrealized loss and the reasons for the decline in value and expectations for the amount and timing of a recovery in fair value.

19
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

Securities the Company determines are underperforming or potential problem securities are subject to regular review. To facilitate the review, securities with significant declines in value, or where other objective criteria evidencing credit deterioration have been met, are included on a watch list. Among the criteria for securities to be included on a watch list are: credit deterioration that has led to a significant decline in fair value of the security; a significant covenant related to the security has been breached; or an issuer has filed or indicated a possibility of filing for bankruptcy, has missed or announced it intends to miss a scheduled interest or principal payment, or has experienced a specific material adverse change that may impair its creditworthiness.

In performing these reviews, the Company considers the relevant facts and circumstances relating to each investment and exercises considerable judgment in determining whether a security is other-than-temporarily impaired. Assessment factors include judgments about an obligor’s current and projected financial position, an issuer’s current and projected ability to service and repay its debt obligations, the existence of, and realizable value of, any collateral backing the obligations and the macro-economic and micro-economic outlooks for specific industries and issuers. This assessment may also involve assumptions regarding underlying collateral such as prepayment rates, default and recovery rates, and third-party servicing capabilities.

Among the specific factors considered are whether the decline in fair value results from a change in the credit quality of the security itself, or from a downward movement in the market as a whole, and the likelihood of recovering the carrying value based on the near-term prospects of the issuer. Unrealized losses that are considered to be primarily the result of market conditions (e.g., minor increases in interest rates, temporary market illiquidity or volatility, or industry-related events) and where the Company also believes there exists a reasonable expectation for recovery in the near term are usually determined to be temporary. To the extent that factors contributing to impairment losses recognized affect other investments, such investments are also reviewed for other-than-temporary impairment and losses are recorded when appropriate.

In addition to the review procedures described above, investments in asset-backed securities where market prices are depressed are subject to a review of their future estimated cash flows, including expected and stress case scenarios, to identify potential shortfalls in contractual payments. These estimated cash flows are developed using available performance indicators from the underlying assets including current and projected default or delinquency rates, levels of credit enhancement, current subordination levels, vintage, expected loss severity and other relevant characteristics. These estimates reflect a combination of data derived by third parties and internally developed assumptions. Where possible, this data is benchmarked against third-party sources.

Even in the case of severely depressed market values on asset-backed securities, the Company places significant reliance on the results of its cash flow testing and its lack of an intent to sell these securities until their fair values recover when reaching other-than-temporary impairment conclusions with regard to these securities. Other-than-temporary impairment charges are recorded on asset-backed securities when the Company forecasts a contractual payment shortfall.

The Company recognizes other-than-temporary impairments on debt securities in an unrealized loss position when any of the following circumstances exists:
•
The Company does not expect full recovery of the amortized cost based on the discounted cash flows estimated to be collected;
•
The Company intends to sell a security; or,
•
It is more likely than not that the Company will be required to sell a security prior to recovery.

For mortgage-backed securities, credit impairment is assessed using a cash flow model that estimates the cash flows on the underlying mortgages, using the security-specific collateral characteristics and transaction structure. The model estimates cash flows from the underlying mortgage loans and distributes those cash flows to various tranches of securities, considering the transaction structure and any subordination and credit enhancements existing in that structure. The cash flow model incorporates actual cash flows on the mortgage-backed securities through the current period and then projects the remaining cash flows using a number of assumptions, including prepayment speeds, default rates and loss severity.

Specifically for prime and Alt-A RMBS, the assumed default percentage is dependent on the severity of delinquency status, with foreclosures and real estate owned receiving higher rates, but also includes the currently performing loans. As of December 31, 2015 and 2014, assumed default rates for delinquent loans ranged from 15% to 100%. At December 31,

20
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

2015 and 2014, assumed loss severities were applied to generate and analyze cash flows of each security and ranged from 25% to 68%.

These estimates reflect a combination of data derived by third parties and internally developed assumptions. Where possible, this data is benchmarked against other third-party sources. In addition, these estimates are extrapolated along a default timing curve to estimate the total lifetime pool default rate.

Other-than-temporary impairments are calculated as the difference between amortized cost and fair value. For other-than-temporarily impaired securities where Jackson does not intend to sell the security and it is not more likely than not that Jackson will be required to sell the security prior to recovery, total other-than-temporary impairments are reduced by the non-credit portion of the other-than-temporary impairments, which are recognized in other comprehensive income. The resultant net other-than-temporary impairments recorded in net income reflect only the credit loss on the other-than-temporarily impaired securities. The amortized cost of the other-than-temporarily impaired securities is reduced by the amount of this credit loss.

For securities that were deemed to be other-than-temporarily impaired and for which a non-credit loss was recorded in other comprehensive income, the amount recorded as an unrealized gain (loss) represents the difference between the fair value and the new amortized cost basis of the securities. The unrealized gain (loss) on other-than-temporarily impaired securities is recorded in other comprehensive income.

The following table summarizes net realized losses on investments (in thousands):

 
 
Years Ended December 31,
 
 
2015
 
2014
 
2013
Available-for-sale securities
 
 
 
 
 
Realized gains on sale
$
211,198

 
$
166,300

 
$
135,023

Realized losses on sale
(128,955
)
 
(57,383
)
 
(34,448
)
Impairments:
 
 
 
 
 
Total other-than-temporary impairments
(77,662
)
 
(56,161
)
 
(49,930
)
Portion of other-than-temporary impairments
 
 
 
 
 
included in other comprehensive income
15,024

 
29,549

 
29,146

Net other-than-temporary impairments
(62,638
)
 
(26,612
)
 
(20,784
)
Other
14,586

 
1,692

 
1,354

Net realized gains on non-derivative investments
34,191

 
83,997

 
81,145

Net losses on derivative instruments
(1,621,706
)
 
(3,488,519
)
 
(2,071,598
)
Total net realized losses on investments
$
(1,587,515
)
 
$
(3,404,522
)
 
$
(1,990,453
)

The net losses on derivative instruments included in the above table are further detailed in Note 4.

The aggregate fair value of securities sold at a loss for the years ended December 31, 2015, 2014, and 2013 was $1,022.1 million, $790.3 million, and $640.4 million, respectively, which was approximately 89%, 93%, and 95% of book value, respectively.

21
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

The following summarizes the current year activity for credit losses recognized in net income on debt securities where an other-than-temporary impairment was identified and the non-credit portion of the other-than-temporary impairment was included in other comprehensive income (in thousands):

 
Years Ended December 31,
 
2015
 
2014
Cumulative credit loss beginning balance
$
276,872

 
$
318,204

Additions:
 
 
 
New credit losses
50,434

 
8,802

Incremental credit losses
12,204

 
14,522

Reductions:
 
 
 
Securities sold, paid down or disposed of
(24,304
)
 
(56,384
)
Securities where there is intent to sell
(20,940
)
 
(8,272
)
Cumulative credit loss ending balance
$
294,266

 
$
276,872


There are inherent uncertainties in assessing the fair values assigned to the Company’s investments and in determining whether a decline in fair value is other-than-temporary. The Company’s reviews of net present value and fair value involve several criteria including economic conditions, credit loss experience, other issuer-specific developments and estimated future cash flows. These assessments are based on the best available information at the time. Factors such as market liquidity, the widening of bid/ask spreads and a change in the cash flow assumptions can contribute to future price volatility. If actual experience differs negatively from the assumptions and other considerations used in the consolidated financial statements, unrealized losses currently reported in accumulated other comprehensive income may be recognized in the consolidated income statements in future periods.

The Company currently has no intent to sell securities with unrealized losses considered to be temporary until they mature or recover in value and believes that it has the ability to do so. However, if the specific facts and circumstances surrounding an individual security, or the outlook for its industry sector change, the Company may sell the security prior to its maturity or recovery and realize a loss.

Commercial Mortgage Loans
Commercial mortgage loans of $6.4 billion and $6.0 billion at December 31, 2015 and 2014, respectively, are reported net of an allowance for loan losses of $4.6 million and $5.8 million at each date, respectively. At December 31, 2015, commercial mortgage loans were collateralized by properties located in 40 states. Jackson’s commercial mortgage loan portfolio does not include single-family residential mortgage loans, and is therefore not exposed to the risk of defaults associated with residential subprime mortgage loans. Jackson periodically reviews these loans for impairment and, during 2015, 2014, and 2013, recognized impairment charges against the allowance for loan losses of nil, $9.0 million, and $1.0 million, respectively. In addition, Jackson recorded impairments as a realized loss of nil, $2.7 million, and $3.2 million during 2015, 2014, and 2013, respectively.

The following table provides a summary of the allowance for losses in the Company’s commercial mortgage loan portfolio at December 31, 2015 and 2014 (in thousands):

Allowance for loan losses:
2015
 
2014
Balance at beginning of year
$
5,754

 
$
11,532

Charge-offs
—

 
(9,043
)
Recoveries
—

 
524

Net charge-offs
—

 
(8,519
)
    Addition (reduction) to allowance
(1,198
)
 
2,741

Balance at end of year
$
4,556

 
$
5,754



22
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

The following table provides a summary of the allowance for losses in Jackson’s commercial mortgage loan portfolio (in thousands):
 
 
December 31, 2015
 
December 31, 2014
 
 
Allowance for Loan Losses
 
Recorded Investment
 
Allowance for Loan Losses
 
Recorded Investment
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
—

 
$
—

 
$
—

 
$
20,701

Collectively evaluated for impairment
4,556

 
6,436,636

 
5,754

 
5,977,552

Total
$
4,556

 
$
6,436,636

 
$
5,754

 
$
5,998,253


As of December 31, 2015 and 2014, the Company’s commercial mortgage loan portfolio is current and accruing interest. Delinquency status is determined from the date of the first missed contractual payment.

Under Jackson's policy for monitoring commercial mortgage loans, all impaired commercial mortgage loans are closely evaluated subsequent to impairment. The table below summarizes the recorded investment, unpaid principal balance, related loan allowance, average recorded investment and investment income recognized on impaired loans (in thousands):
 
 
Recorded Investment
 
Unpaid Principal Balance
 
Related Loan Allowance
 
Average Recorded Investment
 
Investment Income Recognized
December 31, 2015:
 
 
 
 
 
 
 
 
 
 
Impaired Loans without a Valuation Allowance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Apartment
 
$
—

 
$
—

 
$
—

 
$
542

 
$
50

Hotel
 
—

 
—

 
—

 
3,304

 
244

Total
 
—

 
—

 
—

 
3,846

 
294

Total Impaired Loans
 
 
 
 
 
 
 
 
 
 
Apartment
 
—

 
—

 
—

 
542

 
50

Hotel
 
—

 
—

 
—

 
3,304

 
244

Total
 
$
—

 
$
—

 
$
—

 
$
3,846

 
$
294

 
 
 
 
 
 
 
 
 
 
 
 
 
Recorded Investment
 
Unpaid Principal Balance
 
Related Loan Allowance
 
Average Recorded Investment
 
Investment Income Recognized
December 31, 2014:
 
 
 
 
 
 
 
 
 
 
Impaired Loans with a Valuation Allowance
 
 
 
 
 
 
 
 
 
 
Office
 
$
—

 
$
—

 
$
—

 
$
663

 
$
34

Impaired Loans without a Valuation Allowance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Apartment
 
821

 
821

 
—

 
839

 
66

Hotel
 
19,880

 
19,880

 
—

 
41,762

 
2,735

Office
 
—

 
—

 
—

 
13,850

 
3,507

Warehouse
 
—

 
—

 
—

 
2,678

 
344

Total
 
20,701

 
20,701

 
—

 
59,129

 
6,652

Total Impaired Loans
 
 
 
 
 
 
 
 
 
 
Apartment
 
821

 
821

 
—

 
839

 
66

Hotel
 
19,880

 
19,880

 
—

 
41,762

 
2,735

Office
 
—

 
—

 
—

 
14,513

 
3,541

Warehouse
 
—

 
—

 
—

 
2,678

 
344

Total
 
$
20,701

 
$
20,701

 
$
—

 
$
59,792

 
$
6,686


23
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

The following tables provide information about the credit quality of commercial mortgage loans (in thousands):
 
 
December 31, 2015
 
 
In Good Standing
 
Restructured
 
Greater than 90 Days Delinquent
 
In the Process of Foreclosure
 
Total Carrying Value
Apartment
$
2,129,103

 
$
—

 
$
—

 
$
—

 
$
2,129,103

Hotel
647,832

 
—

 
—

 
—

 
647,832

Office
731,735

 
—

 
—

 
—

 
731,735

Retail
1,154,303

 
—

 
—

 
—

 
1,154,303

Warehouse
1,773,663

 
—

 
—

 
—

 
1,773,663

Total
$
6,436,636

 
$
—

 
$
—

 
$
—

 
$
6,436,636

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2014
 
 
In Good Standing
 
Restructured
 
Greater than 90 Days Delinquent
 
In the Process of Foreclosure
 
Total Carrying Value
Apartment
$
1,917,788

 
$
—

 
$
—

 
$
—

 
$
1,917,788

Hotel
529,418

 
19,880

 
—

 
—

 
549,298

Office
707,001

 
—

 
—

 
—

 
707,001

Retail
1,149,619

 
—

 
—

 
—

 
1,149,619

Warehouse
1,674,547

 
—

 
—

 
—

 
1,674,547

Total
$
5,978,373

 
$
19,880

 
$
—

 
$
—

 
$
5,998,253


During 2015 and 2014, there were no commercial mortgage loans involved in troubled debt restructuring.

Securitizations
In 2001, Jackson executed the Morgan Stanley Dean Witter Capital I, Series 2001-PPM (“MSDW”) securitization transaction, contributing commercial mortgages to MSDW and retaining a beneficial interest. Effective January 1, 2010, as a result of adoption of accounting guidance on certain investment funds, the Company was deemed to be the primary beneficiary of MSDW and, therefore, consolidated MSDW. As such, Jackson’s consolidated financial statements include MSDW assets of $10.1 million and $14.6 million at December 31, 2015 and 2014, respectively.

Other Invested Assets
Other invested assets primarily include investments in limited partnerships and real estate. At December 31, 2015 and 2014, investments in limited partnerships had carrying values of $1,194.2 million and $1,176.6 million, respectively. At December 31, 2015 and 2014, real estate totaling $224.1 million and $205.1 million, respectively, included foreclosed properties with a book value of $0.7 million in both 2015 and 2014.

Securities Lending
The Company has entered into securities lending agreements with agent banks whereby blocks of securities are loaned to third parties, primarily major brokerage firms. As of December 31, 2015 and 2014, the estimated fair value of loaned securities was $268.7 million and $189.2 million, respectively. The agreements require a minimum of 102 percent of the fair value of the loaned securities to be held as collateral, calculated on a daily basis. To further minimize the credit risks related to these programs, the financial condition of counterparties is monitored on a regular basis. At December 31, 2015 and 2014, cash collateral received in the amount of $279.0 million and $196.6 million, respectively, was invested by the agent banks and included in cash and cash equivalents of the Company. A securities lending payable for the overnight and continuous loans is included in liabilities in the amount of cash collateral received.

Securities lending transactions are used to generate income. Income and expenses associated with these transactions are reported as net investment income.

24
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

Repurchase Agreements    
The Company routinely enters into repurchase agreements whereby the Company agrees to sell and repurchase securities. These agreements are accounted for as financing transactions, with the assets and associated liabilities included in the consolidated balance sheets. During 2015 and 2014, short-term borrowings under such agreements averaged $53.3 million and $97.6 million, respectively, with weighted average interest rates of 0.19% and 0.12% during 2015 and 2014, respectively. At December 31, 2015 and 2014, the outstanding repurchase agreement balance was nil and $289.6 million, respectively, collateralized with US Treasury notes and maturing within 30 days, and was included within other liabilities in the consolidated balance sheets. Interest expense totaled $0.1 million, $0.1 million, and $0.2 million in 2015, 2014, and 2013, respectively. The highest level of short-term borrowings at any month end was $215.3 million in 2015 and $289.6 million in 2014.

Investment Income
The sources of net investment income were as follows (in thousands):
 
 
Years Ended December 31,
 
 
2015
 
2014
 
2013
Fixed maturities
$
2,172,061

 
$
2,271,890

 
$
2,240,592

Commercial mortgage loans
287,420

 
296,056

 
307,361

Limited partnerships
129,470

 
153,378

 
267,892

Derivative instruments
282,337

 
252,121

 
206,461

Policy loans
398,855

 
395,857

 
391,089

Other investment income
41,785

 
4,926

 
56,838

Total investment income
3,311,928

 
3,374,228

 
3,470,233

Less: income on funds held under reinsurance treaties
(308,298
)
 
(305,760
)
 
(263,196
)
Less: investment expenses
(64,268
)
 
(65,887
)
 
(62,391
)
Net investment income
$
2,939,362

 
$
3,002,581

 
$
3,144,646


Investment income of $6.7 million, $3.6 million, and $64.9 million was recognized on trading securities held at December 31, 2015, 2014 and 2013, respectively. In addition, investment income (loss) of $0.3 million, $9.1 million, and $(25.1) million, respectively, was recognized on securities carried at fair value recorded through income.

During 2015, investment income was reduced by $308.3 million for expense incurred on the liability for funds held under reinsurance treaties, including $305.6 million on policy loans, $2.4 million of fixed maturity income, $0.1 million gain on fixed maturities with fair value recorded through the consolidated income statement, and $0.2 million of income from other invested assets. During 2014, investment income was reduced by $305.8 million for expense incurred on the liability for funds held under reinsurance treaties, including $296.1 million on policy loans, $2.5 million of fixed maturity income and a $7.2 million gain on fixed maturities with fair value recorded through the consolidated income statement. During 2013, investment income was reduced by $263.2 million for expense incurred on the liability for funds held under reinsurance treaties, including $287.1 million on policy loans, $5.5 million of fixed maturity income and a $29.6 million loss on fixed maturities with fair value recorded through the consolidated income statement. The net investment income on derivative instruments included in the above table is further detailed in Note 4.

4.
Derivative Instruments
Jackson’s business model includes the acceptance, monitoring and mitigation of risk. Specifically, Jackson considers, among other factors, exposures to interest rate and equity market movements, foreign exchange rates and other asset or liability prices. The Company uses derivative instruments to mitigate or reduce these risks in accordance with established policies and goals. Jackson’s derivative holdings, while effective in managing defined risks, are not structured to meet accounting requirements to be designated as hedging instruments. As a result, freestanding derivatives are carried at fair value with changes recorded in other net investment losses.

Cross-currency swaps, which embody spot and forward currency swaps and, in some cases, interest rate and equity index swaps, are entered into for the purpose of hedging the Company issued foreign currency denominated trust instruments supported by funding agreements. Cross-currency swaps serve to hedge foreign currency exchange risk embedded in the funding agreements and are carried at fair value. The fair value of derivatives embedded in funding agreements, including

25
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

unrealized foreign currency translation gains and losses, are included in the carrying value of the trust instruments supported by funding agreements. Foreign currency translation gains and losses associated with funding agreement hedging activities are included in other net investment losses.

Credit default swaps, with maturities up to five years, are agreements where the Company has purchased default protection on certain underlying corporate bonds held in its portfolio. These contracts allow the Company to sell the protected bonds at par value to the counterparty if a defined “default event” occurs, in exchange for periodic payments made by the Company for the life of the agreement. Credit default swaps are carried at fair value. The Company does not currently sell default protection using credit default swaps or other similar derivative instruments.

Put-swaption contracts provide the purchaser with the right, but not the obligation, to require the writer to pay the present value of a long-term interest rate swap at future exercise dates. The Company purchases and writes put-swaptions for hedging purposes with original maturities of up to 10 years. Put-swaptions hedge against movements in interest rates. Written put-swaptions may be entered into in conjunction with associated put-swaptions purchased from the same counterparties, referred to as linked put-swaptions. Linked put-swaptions have identical notional amounts and strike prices, but have different underlying swap terms. Linked put-swaptions are presented at the fair value of the net position for each pair of contracts. Non-linked put-swaptions are carried at fair value.

Equity index futures contracts and equity index options (including various call and put options, interest rate-contingent options, and put spreads), which are used to hedge the Company’s equity risk, including obligations associated with its fixed index annuities and guarantees in variable annuity products, are carried at fair value. These insurance products contain embedded options whose fair values are reported in other contract holder funds and reserves for future policy benefits and claims payable.

Total return swaps, for which the Company receives returns based on reference pools of assets in exchange for short-term floating rate payments based on notional amounts, are held for both hedging and investment purposes, and are carried at fair value.

Interest rate swap agreements used for hedging purposes generally involve the exchange of fixed and floating payments based on a notional contract amount over the period for which the agreement remains outstanding without an exchange of the underlying notional amount. Interest rate swaps are carried at fair value.



26
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

A summary of the aggregate contractual or notional amounts and fair values of the Company’s freestanding derivative instruments is as follows (in thousands):

 
 
December 31, 2015
 
 
Assets
 
Liabilities
 
 
 
 
Contractual/
 
 
 
Contractual/
 
 
 
Net
 
 
Notional
 
Fair
 
Notional
 
Fair
 
Fair
 
 
Amount (1)
 
Value
 
Amount (1)
 
Value
 
Value
Cross-currency swaps
$
10,530

 
$
868

 
$
—

 
$
—

 
$
868

Equity index call options
15,000,000

 
10,389

 
—

 
—

 
10,389

Equity index futures
—

 
—

 
11,738,466

 
—

 
—

Equity index put options
74,500,000

 
377,175

 
—

 
—

 
377,175

Interest rate swaps
15,000,000

 
913,156

 
6,100,000

 
(366,194
)
 
546,962

Put-swaptions
4,750,000

 
31,732

 
1,250,000

 
(1,245
)
 
30,487

Total
$
109,260,530

 
$
1,333,320

 
$
19,088,466

 
$
(367,439
)
 
$
965,881

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2014
 
 
Assets
 
Liabilities
 
 
 
 
Contractual/
 
 
 
Contractual/
 
 
 
Net
 
 
Notional
 
Fair
 
Notional
 
Fair
 
Fair
 
 
Amount (1)
 
Value
 
Amount (1)
 
Value
 
Value
Cross-currency swaps
$
10,530

 
$
2,241

 
$
—

 
$
—

 
$
2,241

Equity index call options
6,500,000

 
14,324

 
—

 
—

 
14,324

Equity index futures
—

 
—

 
6,567,680

 
—

 
—

Equity index put options
72,750,000

 
342,284

 
—

 
—

 
342,284

Interest rate swaps
15,000,000

 
974,643

 
8,150,000

 
(391,475
)
 
583,168

Put-swaptions
5,750,000

 
94,592

 
250,000

 
(330
)
 
94,262

Total
$
100,010,530

 
$
1,428,084

 
$
14,967,680

 
$
(391,805
)
 
$
1,036,279

 
 
 
 
 
 
 
 
 
 
 
(1)  The notional amount for swaps and put-swaptions represents the stated principal balance used as a basis for calculating payments. The contractual amount for futures and options represents the market exposure of open positions.


27
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

The following tables reflect the results of the Company’s derivatives, including gains (losses) and change in fair value of freestanding derivative instruments and embedded derivatives (in thousands):

 
 
Year Ended December 31, 2015
 
 
Net
 
Net Investment Income
 
 
 
 
Derivative
 
 
Net Gain (Loss)
 
 
Gains (Losses)
 
 
Equity index call options
$
(120,259
)
 
$
—

 
$
(120,259
)
Equity index futures
5,347

 
—

 
5,347

Equity index put options
(1,044,044
)
 
—

 
(1,044,044
)
Fixed index annuity embedded derivatives
13,555

 
—

 
13,555

Interest rate swaps
(36,205
)
 
282,337

 
246,132

Put-swaptions
8,695

 
—

 
8,695

Variable annuity embedded derivatives
(448,795
)
 
—

 
(448,795
)
Total
$
(1,621,706
)
 
$
282,337

 
$
(1,339,369
)
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2014
 
 
Net
 
Net Investment Income
 
 
 
 
Derivative
 
 
Net Gain (Loss)
 
 
Gains (Losses)
 
 
Credit default swaps
$
363

 
$
(363
)
 
$
—

Equity index call options
(47,177
)
 
—

 
(47,177
)
Equity index futures
(751,595
)
 
—

 
(751,595
)
Equity index put options
(725,175
)
 
—

 
(725,175
)
Fixed index annuity embedded derivatives
(267,544
)
 
—

 
(267,544
)
Interest rate swaps
585,021

 
252,381

 
837,402

Put-swaptions
198,504

 
103

 
198,607

Variable annuity embedded derivatives
(2,480,916
)
 
—

 
(2,480,916
)
Total
$
(3,488,519
)
 
$
252,121

 
$
(3,236,398
)
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2013
 
 
Net
 
Net Investment Income
 
 
 
 
Derivative
 
 
Net Gain (Loss)
 
 
Gains (Losses)
 
 
Credit default swaps
$
6,791

 
$
(7,479
)
 
$
(688
)
Equity index call options
187,474

 
—

 
187,474

Equity index futures
(1,746,460
)
 
—

 
(1,746,460
)
Equity index put options
(800,394
)
 
—

 
(800,394
)
Fixed index annuity embedded derivatives
(455,149
)
 
—

 
(455,149
)
Interest rate swaps
(895,185
)
 
210,166

 
(685,019
)
Put-swaptions
(248,510
)
 
48

 
(248,462
)
Total return swaps
—

 
3,726

 
3,726

Variable annuity embedded derivatives
1,879,835

 
—

 
1,879,835

Total
$
(2,071,598
)
 
$
206,461

 
$
(1,865,137
)


28
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

All of Jackson’s trade agreements for freestanding, over-the-counter derivatives contain credit downgrade provisions that allow a party to assign or terminate derivative transactions if the counterparty’s credit rating declines below an established limit. At December 31, 2015 and 2014, the fair value of Jackson’s net derivative assets by counterparty were $975.2 million and $1,050.8 million, respectively, and held collateral was $1,069.0 million and $1,065.1 million, respectively, related to these agreements. At December 31, 2015 and 2014, the fair value of Jackson’s net derivative liabilities by counterparty was $9.3 million and $14.5 million, respectively, and provided collateral was nil and $18.5 million, respectively, related to these agreements. If all of the downgrade provisions had been triggered at December 31, 2015 or 2014, in aggregate, Jackson would have had to disburse $103.1 million and $10.3 million, respectively, to counterparties, representing the net fair values of derivatives by counterparty, less collateral held.

Offsetting Assets and Liabilities
The Company’s derivative instruments, repurchase agreements and securities lending agreements are subject to master netting arrangements and collateral arrangements. A master netting arrangement with a counterparty creates a right of offset for amounts due to and due from that same counterparty that is enforceable in the event of a default or bankruptcy. The Company recognizes amounts subject to master netting arrangements on a gross basis within the consolidated balance sheets.

The following tables present the gross and net information about the Company’s financial instruments subject to master netting arrangements (in thousands):
 
 
 
 
December 31, 2015
 
 
 
 
Gross
Amounts
Recognized
 
Gross
Amounts
Offset in the
Consolidated
Balance Sheets
 
Net Amounts
Presented in
the Consolidated
Balance Sheets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Amounts Not Offset
in the Consolidated Balance Sheets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial
Instruments(1)
 
Cash
Collateral
 
Securities
Collateral (2)
 
Net
Amount
 
 
 
 
 
 
 
 
 
 
Financial Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
$
1,333,320

 
$
—

 
$
1,333,320

 
$
358,114

 
$
159,700

 
$
790,271

 
$
25,235

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities
$
367,439

 
$
—

 
$
367,439

 
$
358,114

 
$
—

 
$
—

 
$
9,325

 
Securities loaned
279,002

 
—

 
279,002

 
—

 
279,002

 
—

 
—

Total financial liabilities
$
646,441

 
$
—

 
$
646,441

 
$
358,114

 
$
279,002

 
$
—

 
$
9,325

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2014
 
 
 
 
Gross
Amounts
Recognized
 
Gross
Amounts
Offset in the
Consolidated
Balance Sheets
 
Net Amounts
Presented in
the Consolidated
Balance Sheets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Amounts Not Offset
in the Consolidated Balance Sheets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial
Instruments(1)
 
Cash
Collateral
 
Securities
Collateral (2)
 
Net
Amount
 
 
 
 
 
 
 
 
 
 
Financial Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
$
1,428,084

 
$
—

 
$
1,428,084

 
$
377,316

 
$
108,563

 
$
894,033

 
$
48,172

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities
$
391,805

 
$
—

 
$
391,805

 
$
377,316

 
$
—

 
$
8,848

 
$
5,641

 
Securities loaned
196,633

 
—

 
196,633

 
—

 
196,633

 
—

 
—

 
Repurchase agreements
289,625

 
—

 
289,625

 
—

 
—

 
289,625

 
—

Total financial liabilities
$
878,063

 
$
—

 
$
878,063

 
$
377,316

 
$
196,633

 
$
298,473

 
$
5,641

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) 
Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the consolidated balance sheets.
(2) 
Excludes initial margin amounts for exchange-traded derivatives.
 
 
 
 
 
 
 
 
 
 

In the above tables, the amounts of assets or liabilities presented in the Company’s consolidated balance sheets are offset first by financial instruments that have the right of offset under master netting or similar arrangements with any remaining amount reduced by the amount of cash and securities collateral. The actual amount of collateral may be greater than

29
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

amounts presented in the tables. The above tables exclude net embedded derivative liabilities of $3,352.1 million and $3,090.3 million for 2015 and 2014, respectively, as these derivatives are not subject to master netting arrangements. In addition, repurchase agreements are presented within other liabilities in the consolidated balance sheets.

5.
Fair Value Measurements
The following table summarizes the fair value and carrying value of Jackson’s financial instruments (in thousands). The basis for determining the fair value of each instrument is described in Note 2.
 
 
 
December 31, 2015
 
December 31, 2014
 
 
 
Carrying Value
Fair Value
 
Carrying Value
Fair Value
Assets
 
 
 
 
 
 
Fixed maturities (1)
$
49,803,040

$
49,803,040

 
$
50,978,577

$
50,978,577

 
Trading securities
285,154

285,154

 
530,418

530,418

 
Commercial mortgage loans
6,436,636

6,588,152

 
5,998,253

6,289,683

 
Policy loans (1)
4,495,955

4,495,955

 
4,477,083

4,477,083

 
Derivative instruments
1,333,320

1,333,320

 
1,428,084

1,428,084

 
Limited partnerships
1,194,226

1,194,226

 
1,176,633

1,176,633

 
Cash and cash equivalents
2,059,935

2,059,935

 
1,399,091

1,399,091

 
GMIB reinsurance recoverable
329,753

329,753

 
338,694

338,694

 
Separate account assets
134,157,891

134,157,891

 
127,459,274

127,459,274

 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
Other contract holder funds and reserves for future policy benefits and claims payable
 
 
 
 
 
 
Annuity reserves (2)
$
40,714,279

$
44,221,525

 
$
39,788,696

$
43,818,946

 
Reserves for guaranteed investment contracts
1,816,501

1,822,597

 
1,878,038

1,890,937

 
Trust instruments supported by funding agreements
2,542,491

2,556,792

 
1,315,639

1,335,450

 
Federal Home Loan Bank funding agreements
1,873,747

1,860,010

 
1,873,843

1,839,594

 
Funds held under reinsurance treaties
3,459,645

3,459,645

 
3,431,854

3,431,854

 
Debt
346,957

427,500

 
328,737

394,309

 
Securities lending payable
279,002

279,002

 
196,633

196,633

 
Derivative instruments
367,439

367,439

 
391,805

391,805

 
Repurchase agreements
—

—

 
289,625

289,625

 
Federal Home Loan Bank advances
—

—

 
200,015

200,015

 
Separate account liabilities
134,157,891

134,157,891

 
127,459,274

127,459,274

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes items carried at fair value under the fair value option, for which there is a corresponding liability within funds held under reinsurance treaties.
(2) Annuity reserves represent only the components of other contract holder funds and reserves for future policy benefits and claims payable that are considered to be financial instruments.
The following is a discussion of the methodologies used to determine fair values of the financial instruments measured on both a recurring and nonrecurring basis reported in the following tables.
Fixed Maturity and Trading Securities
The fair values for fixed maturity and trading securities are determined using information available from independent pricing services, broker-dealer quotes, or internally derived estimates. Priority is given to publicly available prices from independent sources, when available. Securities for which the independent pricing service does not provide a quotation are either submitted to independent broker-dealers for prices or priced internally. Typical inputs used by these three pricing methods include, but are not limited to, reported trades, benchmark yields, credit spreads, liquidity premiums and/or estimated cash flows based on default and prepayment assumptions.

As a result of typical trading volumes and the lack of specific quoted market prices for most fixed maturities, independent pricing services will normally derive the security prices through recently reported trades for identical or similar securities, making adjustments through the reporting date based upon available market observable information as outlined above. If there are no recently reported trades, the independent pricing services and broker-dealers may use matrix or pricing model processes to develop a security price where future cash flow expectations are developed based upon collateral

30
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

performance and discounted at relevant market rates. Certain securities are priced using broker-dealer quotes, which may utilize proprietary inputs and models. Additionally, the majority of these quotes are non-binding.

Included in the pricing of asset-backed securities are estimates of the rate of future prepayments of principal over the remaining life of the securities. Such estimates are derived based on the characteristics of the underlying structure and prepayment assumptions believed to be relevant for the underlying collateral. Actual prepayment experience may vary from these estimates.

Internally derived estimates may be used to develop a fair value for securities for which the Company is unable to obtain either a reliable price from an independent pricing service or a suitable broker-dealer quote. These fair value estimates may incorporate Level 2 and Level 3 inputs and are generally derived using expected future cash flows, discounted at market interest rates available from market sources based on the credit quality and duration of the instrument. For securities that may not be reliably priced using these internally developed pricing models, a fair value may be estimated using indicative market prices. These prices are indicative of an exit price, but the assumptions used to establish the fair value may not be observable or corroborated by market observable information and, therefore, represent Level 3 inputs.

The Company performs a monthly analysis on the prices and credit spreads received from third parties to ensure that the prices represent a reasonable estimate of the fair value. This process involves quantitative and qualitative analysis and is overseen by investment and accounting professionals. Examples of procedures performed include, but are not limited to, initial and ongoing review of third party pricing service methodologies, review of pricing statistics and trends, back testing recent trades and monitoring of trading volumes. In addition, the Company considers whether prices received from independent broker-dealers represent a reasonable estimate of fair value through the use of internal and external cash flow models, which are developed based on spreads and, when available, market indices. As a result of this analysis, if the Company determines there is a more appropriate fair value based upon the available market data, the price received from the third party may be adjusted accordingly.

For those securities that were internally valued at December 31, 2015 and 2014, the pricing model used by the Company utilizes current spread levels of similarly rated securities to determine the market discount rate for the security.  Furthermore, appropriate risk premiums for illiquidity and non-performance are incorporated in the discount rate.  Cash flows, as estimated by the Company using issuer-specific default statistics and prepayment assumptions, are discounted to determine an estimated fair value. 

On an ongoing basis, the Company reviews the independent pricing services’ valuation methodologies and related inputs, and evaluates the various types of securities in its investment portfolio to determine an appropriate fair value hierarchy distribution based upon trading activity and the observability of market inputs. Based on the results of this evaluation, each price is classified into Level 1, 2, or 3. Most prices provided by independent pricing services, including broker-dealer quotes, are classified into Level 2 due to their use of market observable inputs.

Commercial Mortgage Loans
Fair values are generally determined by discounting expected future cash flows at current market interest rates, inclusive of a credit spread, for similar quality loans. For loans whose value is dependent upon the underlying property, fair value is determined to be the estimated value of the collateral. Certain characteristics considered significant in determining the spread or collateral value may be based on internally developed estimates. As a result, these investments have been classified as Level 3 within the fair value hierarchy.

Policy Loans
Policy loans are funds provided to policyholders in return for a claim on the policies values and function like demand deposits which are redeemable upon repayment, death or surrender, and there is only one market price at which the transaction could be settled - the then current carrying value.  The funds provided are limited to the cash surrender value of the underlying policy.  The nature of policy loans is to have a negligible default risk as the loans are fully collateralized by the value of the policy.  Policy loans do not have a stated maturity and the balances and accrued interest are repaid either by the policyholder or with proceeds from the policy.  Due to the collateralized nature of policy loans and unpredictable timing of payments, the Company believes the carrying value of policy loans approximates fair value.


31
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

Freestanding Derivative Instruments
Freestanding derivative instruments are reported at fair value, which reflects the estimated amounts, net of payment accruals, which the Company would receive or pay upon sale or termination of the contracts at the reporting date. Changes in fair value are included in other net investment losses. Freestanding derivatives priced using third party pricing services incorporate inputs that are predominantly observable in the market. Inputs used to value derivatives include, but are not limited to, interest rate swap curves, credit spreads, interest rates, counterparty credit risk, equity volatility and equity index levels.

Freestanding derivative instruments classified as Level 1 include futures, which are traded on active exchanges. Freestanding derivative instruments classified as Level 2 include interest rate swaps, cross currency swaps, credit default swaps, put-swaptions and certain equity index call and put options. These derivative valuations are determined by third-party pricing services using pricing models with inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. Freestanding derivative instruments classified as Level 3 include interest rate contingent options that are valued by third-party pricing services utilizing significant unobservable inputs.

Limited Partnerships
Fair value for limited partnership interests, which are included in other invested assets, is determined using the proportion of Jackson’s investment in each fund (“NAV equivalent”) as a practical expedient for fair value. No adjustments to these amounts were deemed necessary at December 31, 2015 or 2014.

The Company’s limited partnership investments are not redeemable and distributions received are generally the result of liquidation of the underlying assets of the partnerships. The term of Jackson’s interest in the partnerships is generally ten years, but may be extended for a period of time under provisions within the partnership agreements, if applicable. The Company generally has the ability under the partnership agreements to sell its interest to another limited partner with the prior written consent of the general partner. It is not probable and there is no instance where Jackson contemplated selling a limited partnership interest for an amount different from its NAV equivalent.

Cash and Cash Equivalents
Cash and cash equivalents primarily include money market instruments and bank deposits. Certain money market instruments are valued using unadjusted quoted prices in active markets and are classified as Level 1.

Separate Account Assets and Liabilities
Separate account assets are comprised of investments in mutual funds that transact regularly, but do not trade in active markets as they are not publically available, and are categorized as Level 2 assets. The values of separate account liabilities are set equal to the values of separate account assets.

Other Contract Holder Funds
Fair values for immediate annuities without mortality features are derived by discounting the future estimated cash flows using current market interest rates for similar maturities. Fair values for deferred annuities, including fixed index annuities, are determined using projected future cash flows discounted at current market interest rates.

The fair value of the fixed index annuities embedded option, incorporating such factors as the volatility of returns, the level of interest rates and the time remaining until the option expires, is calculated using the closed form Black-Scholes Option Pricing model or Monte Carlo simulations, as appropriate for the type of option. Additionally, assumed withdrawal rates are used to estimate the expected volume of embedded options that will be realized by policyholders.

Fair values for guaranteed investment contracts are based on the present value of future cash flows discounted at current market interest rates.

Fair values for trust instruments supported by funding agreements are based on the present value of future cash flows discounted at current market interest rates, plus the fair value of any embedded derivatives that are not required to be reported separately.

Fair values of the FHLBI funding agreements are based on the present value of future cash flows discounted at current market interest rates.

32
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

Funds Held Under Reinsurance Treaties
The fair value of the funds held is equal to the fair value of the assets held as collateral, which primarily consist of policy loans and fixed maturities.

Debt
Fair values for the Company’s surplus notes and other long-term debt are generally determined by prices obtained from independent broker dealers or discounted cash flow models.  Such prices are derived from market observable inputs and are classified as Level 2.  Values for mortgage loans issued by consolidated VIEs are based on the VIEs’ values, which may include unobservable inputs and are classified as Level 3 and are also included in debt.

Securities Lending Payable
The Company’s securities lending payable is set equal to the cash collateral received. Due to the short-term nature of the loans, carrying value is a reasonable estimate of fair value and is classified as Level 2.

Repurchase Agreements
Carrying value of the Company’s repurchase agreements, which are included in other liabilities, is considered a reasonable estimate of fair value due to their short-term maturities and are classified as Level 2.

Federal Home Loan Bank Advances
Carrying value of the Company’s Federal Home Loan Bank advances, which are included in other liabilities, is considered a reasonable estimate of fair value due to their short-term maturities and are classified as Level 2.

Certain Guaranteed Benefits
Variable annuity contracts issued by the Company offer various guaranteed minimum death, withdrawal, income and accumulation benefits. Certain benefits, primarily non-life contingent components of guaranteed minimum withdrawal benefits (“GMWB”), guaranteed minimum accumulation benefits (“GMAB”) and the reinsurance recoverable on the Company’s guaranteed minimum income benefits (“GMIB”), are recorded at fair value. Guaranteed benefits that are not subject to fair value accounting are accounted for as insurance benefits.

Non-life contingent components of GMWBs and GMABs are recorded at fair value with changes in fair value recorded in other net investment losses. The fair value of the reserve is based on the expectations of future benefit payments and certain future fees associated with the benefits. At the inception of the contract, the Company attributes to the embedded derivative a portion of total fees collected from the contract holder, which is then held static in future valuations. Those fees, generally referred to as the attributed fees, are set such that the present value of the attributed fees is equal to the present value of future claims expected to be paid under the guaranteed benefit at the inception of the contract. In subsequent valuations, both the present value of future benefits and the present value of attributed fees are revalued based on current market conditions and policyholder behavior assumptions. The difference between each of the two components represents the fair value of the embedded derivative. Jackson discontinued offering the GMAB in 2011.

Jackson’s GMIB book is reinsured through an unrelated party and, due to the net settlement provisions of the reinsurance agreement, this contract meets the definition of a derivative. Accordingly, the GMIB reinsurance agreement is recorded at fair value, with changes in fair value recorded in other net investment losses. Due to the inability to economically reinsure or hedge new issues of the GMIB, the Company discontinued offering the benefit in 2009.

Fair values for GMWB and GMAB embedded derivatives, as well as GMIB reinsurance recoverables, are calculated using internally developed models because active, observable markets do not exist for those guaranteed benefits.

The fair value calculation is based on the present value of future cash flows comprised of future expected benefit payments, less future attributed rider fees, over the lives of the contracts. Estimating these cash flows requires numerous estimates and subjective judgments related to capital market inputs, as well as actuarially determined assumptions related to expectations concerning policyholder behavior. Capital market inputs include expected market rates of return, market volatility, correlations of market index returns to funds, fund performance and discount rates. The more significant actuarial assumptions include benefit utilization by policyholders under varying conditions, fund allocation, persistency, mortality, and withdrawal rates. Best estimate assumptions plus risk margins are used as applicable.

33
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

At each valuation date, the Company assumes expected returns based on LIBOR swap rates as of that date to determine the value of expected future cash flows produced in a stochastic process. Volatility assumptions are based on a weighting of available market data for implied market volatility for durations up to 10 years, grading to a historical volatility level by year 15, where such long-term historical volatility levels contain an explicit risk margin. Additionally, non-performance risk is incorporated into the calculation through the use of discount rates based on a AA corporate credit curve as an approximation of Jackson’s own credit risk. Risk margins are also incorporated into the model assumptions, particularly for policyholder behavior. Estimates of future policyholder behavior are subjective and are based primarily on the Company’s experience.

As markets change, mature and evolve and actual policyholder behavior emerges, management continually evaluates the appropriateness of its assumptions for this component of the fair value model.

The use of the models and assumptions described above requires a significant amount of judgment. Management believes the aggregation of each of these components results in an amount that the Company would be required to transfer for a liability, or receive for an asset, to or from a willing buyer or seller, if one existed, for those market participants to assume the risks associated with the guaranteed benefits and the related reinsurance. However, the ultimate settlement amount of the asset or liability, which is currently unknown, could likely be significantly different than this fair value.

Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables summarize the Company’s assets and liabilities that are carried at fair value by hierarchy levels (in thousands):

 
 
December 31, 2015
 
 
Total
Level 1
Level 2
Level 3
Assets
 
 
 
 
Fixed maturities
 
 
 
 
U.S. government securities
$
5,204,668

$
5,204,668

$
—

$
—

Other government securities
1,045,803

—

1,045,803

—

Public Utilities
4,470,147

—

4,470,147

—

Corporate securities
32,771,275

—

32,771,275

—

Residential mortgage-backed
1,884,182

—

1,884,175

7

Commercial mortgage-backed
3,500,247

—

3,500,061

186

Other asset-backed securities
926,718

—

920,268

6,450

Trading securities
285,154

128,920

122,786

33,448

Policy loans
3,216,123

—

—

3,216,123

Derivative instruments
1,333,320

—

1,235,968

97,352

Limited partnerships
1,194,226

—

—

1,194,226

GMIB reinsurance recoverable
329,753

—

—

329,753

Separate account assets
134,157,891

—

134,157,891

—

Total
$
190,319,507

$
5,333,588

$
180,108,374

$
4,877,545

 
 
 
 
 
 
Liabilities
 
 
 
 
Embedded derivative liabilities (1)
$
3,352,075

$
—

$
1,167,979

$
2,184,096

Funds held under reinsurance treaties
3,459,645

—

—

3,459,645

Derivative instruments
367,439

—

367,439

—

Total
$
7,179,159

$
—

$
1,535,418

$
5,643,741

 
 
 
 
 
 
(1) Includes the embedded derivative liabilities related to GMWB reserves and fixed index annuities.


34
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

 
 
December 31, 2014
 
 
Total
Level 1
Level 2
Level 3
Assets
 
 
 
 
Fixed maturities
 
 
 
 
U.S. government securities
$
5,134,720

$
5,134,720

$
—

$
—

Other government securities
1,057,114

—

1,057,114

—

Public utilities
4,636,611

—

4,636,611

—

Corporate securities
33,169,215

—

33,168,934

281

Residential mortgage-backed
2,432,286

—

2,432,275

11

Commercial mortgage-backed
3,606,939

—

3,597,553

9,386

Other asset-backed securities
941,692

—

930,202

11,490

Trading securities
530,418

147,057

346,635

36,726

Policy loans
3,156,550

—

—

3,156,550

Derivative instruments
1,428,084

—

1,428,084

—

Limited partnerships
1,176,633

—

—

1,176,633

GMIB reinsurance recoverable
338,694

—

—

338,694

Separate account assets
127,459,274

—

127,459,274

—

Total
$
185,068,230

$
5,281,777

$
175,056,682

$
4,729,771

 
 
 
 
 
 
Liabilities
 
 
 
 
Embedded derivative liabilities (1)
$
3,090,287

$
—

$
1,346,047

$
1,744,240

Funds held under reinsurance treaties
3,431,854

—

—

3,431,854

Derivative instruments
391,805

—

391,805

—

Total
$
6,913,946

$
—

$
1,737,852

$
5,176,094

 
 
 
 
 
 
(1) Includes the embedded derivative liabilities related to GMWB reserves and fixed index annuities.

35
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)

Level 3 Assets and Liabilities by Price Source
The table below presents the balances of Level 3 assets and liabilities measured at fair value with their corresponding pricing sources (in thousands).
 
 
December 31, 2015
Assets
 
Total
Internal
External
Fixed Maturities
 
 
 
 
Residential mortgage-backed
$
7

$
7

$
—

Commercial mortgage-backed
186

186

—

Other asset-backed securities
6,450

6,450

—

Trading securities
 
33,448

111

33,337

Policy loans
 
3,216,123

3,216,123

—

Derivative instruments
 
97,352

—

97,352

Limited partnerships
 
1,194,226

—

1,194,226

GMIB reinsurance recoverable
329,753

329,753

—

Total
 
$
4,877,545

$
3,552,630

$
1,324,915

 
 
 
 
 
Liabilities
 
 
 
 
Embedded derivative liabilities (1)
$
2,184,096

$
2,184,096

$
—

Funds held under reinsurance treaties
3,459,645

3,459,645

—

Total
 
$
5,643,741

$
5,643,741

$
—

 
 
 
 
 
 
 
December 31, 2014
Assets
 
Total
Internal
External
Fixed Maturities
 
 
 
 
Corporate securities
 
$
281

$
281

$
—

Residential mortgage-backed
11

11

—

Commercial mortgage-backed
9,386

9,386

—

Other asset-backed securities
11,490

11,490

—

Trading securities
 
36,726

249

36,477

Policy loans
 
3,156,550

3,156,550

—

Limited partnerships
 
1,176,633

—

1,176,633

GMIB reinsurance recoverable
338,694

338,694

—

Total
 
$
4,729,771

$
3,516,661

$
1,213,110

 
 
 
 
 
Liabilities
 
 
 
 
Embedded derivative liabilities (1)
$
1,744,240

$
1,744,240

$
—

Funds held under reinsurance treaties
3,431,854

3,431,854

—

Total
 
$
5,176,094

$
5,176,094

$
—

 
 
 
 
 
(1) Includes the embedded derivatives related to GMWB reserves.
 
 

External pricing sources for securities represent unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available. Limited partnership interests are valued using externally prepared financial statements provided by partnership management.


36
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

Quantitative Information Regarding Internally-Priced Level 3 Assets and Liabilities
The table below presents quantitative information on significant internally-priced Level 3 assets and liabilities (in thousands):
 
 
December 31, 2015
 
 
Fair Value
Valuation Technique(s)
Unobservable Input(s)
Range in bps
(Weighted Average)
Impact of Increase in Input on Fair Value
Assets
 
 
 
 
 
 
Fixed maturities
 
 
 
 
 
 
Other asset-backed securities
$
6,450

Discounted cash flow
Discount rate
277-395 (358)
Decrease
Policy loans
 
3,216,123

Outstanding balance
N/A
N/A
N/A
GMIB reinsurance recoverable
329,753

Discounted cash flow
See below
See below
See below
Total
 
$
3,552,326

 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
Embedded derivative liabilities
$
2,184,096

Discounted cash flow
See below
See below
See below
Funds held under reinsurance treaties
3,459,645

Carrying value of asset
N/A
N/A
N/A
Total
 
$
5,643,741

 
 
 
 
 
 
December 31, 2014
 
 
Fair Value
Valuation Technique(s)
Unobservable Input(s)
Range in bps
(Weighted Average)
Impact of Increase in Input on Fair Value
Assets
 
 
 
 
 
 
Fixed maturities
 
 
 
 
 
Commercial mortgage-backed
$
9,386

Discounted cash flow
Discount rate
0-275 (138)
Decrease
Other asset-backed securities
11,490

Discounted cash flow
Discount rate
262-486 (414)
Decrease
Policy loans
3,156,550

Outstanding balance
N/A
N/A
N/A
GMIB reinsurance recoverable
338,694

Discounted cash flow
See below
See below
See below
Total
$
3,516,120

 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
Embedded derivative liabilities
$
1,744,240

Discounted cash flow
See below
See below
See below
Funds held under reinsurance treaties
3,431,854

Carrying value of asset
N/A
N/A
N/A
Total
$
5,176,094

 
 
 
 

Sensitivity to Changes in Unobservable Inputs
The following is a general description of sensitivities of significant unobservable inputs and their impact on the fair value measurement for the assets and liabilities reflected in the table above.

Commercial mortgage-backed securities and other asset-backed securities classified in Level 3 are fair valued using a discounted cash flow model. Unobservable inputs include an internally developed discount rate. Significant increases (decreases) in the discount rate would result in a significantly lower (higher) fair value measurement.

As of December 31, 2015, residential mortgage-backed securities of $7 thousand, commercial mortgage-backed securities of $186 thousand, and trading securities of $111 thousand are fair valued using techniques incorporating unobservable inputs and are classified in Level 3 of the fair value hierarchy. As of December 31, 2014, corporate securities of $281 thousand, residential mortgage-backed securities of $11 thousand, and trading securities of $249 thousand are fair valued using techniques incorporating unobservable inputs and are classified in Level 3 of the fair value hierarchy. For these assets, their unobservable inputs and ranges of possible inputs do not materially affect their fair valuations and have been excluded from the quantitative information in the table above.

The GMIB reinsurance recoverable fair value calculation is based on the present value of future cash flows comprised of future expected reinsurance benefit receipts, less future attributed premium payments to reinsurers, over the lives of the contracts. Estimating these cash flows requires actuarially determined assumptions related to expectations concerning policyholder behavior and long-term market volatility. The more significant policyholder behavior actuarial assumptions include benefit utilization, fund allocation, persistency, and mortality. In general, an increase (decrease) in assumed benefit utilization would increase (decrease) the fair value of the reinsurance recoverable; an increase (decrease) in

37
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

allocation to equity funds would increase (decrease) the fair value of the reinsurance recoverable; an increase (decrease) in assumed persistency would increase (decrease) the fair value of the reinsurance recoverable; an increase (decrease) in assumed mortality would decrease (increase) the fair value of the reinsurance recoverable; and an increase (decrease) in long-term market volatility would increase (decrease) the fair value of the reinsurance recoverable.
 
Embedded derivative liabilities classified in Level 3 represent the fair value of GMWB and GMAB liabilities.  These fair value calculations are based on the present value of future cash flows comprised of future expected benefit payments, less future attributed rider fees, over the lives of the contracts.   Estimating these cash flows requires actuarially determined assumptions related to expectations concerning policyholder behavior and long-term market volatility.  The more significant policyholder behavior actuarial assumptions include benefit utilization, fund allocation, persistency, and mortality.  In general, an increase (decrease) in assumed benefit utilization would increase (decrease) the fair value of the liabilities; an increase (decrease) in allocation to equity funds would increase (decrease) the fair value of the liabilities; an increase (decrease) in assumed persistency would increase (decrease) the fair value of the liabilities; an increase (decrease) in assumed mortality would decrease (increase) the fair value of the liabilities; and an increase (decrease) in long-term market volatility would increase (decrease) the fair value of the liabilities.



38
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

The tables below provide rollforwards for 2015 and 2014 of the financial instruments for which significant unobservable inputs (Level 3) are used in the fair value measurement. Gains and losses in the table below include changes in fair value due partly to observable and unobservable factors. The Company utilizes derivative instruments to manage the risk associated with certain assets and liabilities. However, the derivative instruments hedging the related risks may not be classified within the same fair value hierarchy level as the associated assets and liabilities. Therefore, the impact of the derivative instruments reported in Level 3 may vary significantly from the total income effect of the hedged instruments. Additionally, the Company’s policy for determining and disclosing transfers between levels is to recognize transfers using beginning of period balances.

 
 
 
 
Total Realized/Unrealized Gains (Losses) Included in
 
 
 
 
 
 
 
 
 
Purchases,
 
 
 
 
 
Fair Value
 
 
Sales,
Transfers
Fair Value
 
 
 
as of
 
Other
Issuances
in and/or
as of
 
 
 
January 1,
Net
Comprehensive
and
(out of)
December 31,
(in thousands)
2015
Income
Income
Settlements
Level 3
2015
Assets
 
 
 
 
 
 
 
 
Fixed maturities
 
 
 
 
 
 
 
Corporate securities
$
281

$
(368
)
$
87

$
—

$
—

$
—

 
Residential mortgage-backed
11

17

—

(21
)
—

7

 
Commercial mortgage-backed
9,386

(898
)
547

(8,849
)
—

186

 
Other asset-backed securities
11,490

9

80

(103
)
(5,026
)
6,450

 
Trading securities
36,726

3,688

—

(6,966
)
—

33,448

 
Policy loans
3,156,550

3,797

—

55,776

—

3,216,123

 
Limited partnerships
1,176,633

(44,473
)
—

62,066

—

1,194,226

 
Derivative instruments
—

(120,258
)
—

110,295

107,315

97,352

 
GMIB reinsurance recoverable
338,694

(8,941
)
—

—

—

329,753

 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
Embedded derivative liabilities
$
(1,744,240
)
$
(439,856
)
$
—

$
—

$
—

$
(2,184,096
)
 
Funds held under reinsurance treaties
(3,431,854
)
(3,789
)
(128
)
(23,874
)
—

(3,459,645
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Realized/Unrealized Gains (Losses) Included in
 
 
 
 
 
 
 
 
 
Purchases,
 
 
 
 
 
Fair Value
 
 
Sales,
Transfers
Fair Value
 
 
 
as of
 
Other
Issuances
in and/or
as of
 
 
 
January 1,
Net
Comprehensive
and
(out of)
December 31,
(in thousands)
2014
Income
Income
Settlements
Level 3
2014
Assets
 
 
 
 
 
 
 
 
Fixed maturities
 
 
 
 
 
 
 
Corporate securities
$
19,013

$
822

$
1,642

$
(21,196
)
$
—

$
281

 
Residential mortgage-backed
14

17

—

(20
)
—

11

 
Commercial mortgage-backed
458

(2,175
)
1,882

(526
)
9,747

9,386

 
Other asset-backed securities
9,549

272

100

4,055

(2,486
)
11,490

 
Trading securities
70,476

(4,151
)
—

(29,599
)
—

36,726

 
Policy loans
3,131,161

2,251

—

23,138

—

3,156,550

 
Limited partnerships
1,310,369

(125,719
)
—

(8,017
)
—

1,176,633

 
GMIB reinsurance recoverable
136,147

202,547

—

—

—

338,694

 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
Embedded derivative liabilities
$
939,224

$
(2,683,464
)
$
—

$
—

$
—

$
(1,744,240
)
 
Funds held under reinsurance treaties
(3,396,987
)
(15,879
)
—

(18,988
)
—

(3,431,854
)


39
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

The components of the amounts included in purchases, sales, issuances and settlements for years ended December 31, 2015 and 2014 shown above are as follows (in thousands):

 
 
 
December 31, 2015
 
 
 
Purchases
Sales
Issuances
Settlements
Total
Assets
 
 
 
 
 
 
Fixed maturities
 
 
 
 
 
 
Residential mortgage-backed
$
—

$
(21
)
$
—

$
—

$
(21
)
 
Commercial mortgage-backed
—

(8,849
)
—

—

(8,849
)
 
Other asset-backed securities
—

(103
)
—

—

(103
)
 
Trading securities
640

(7,606
)
—

—

(6,966
)
 
Policy loans
—

—

312,479

(259,703
)
52,776

 
Limited partnerships
194,595

(132,529
)
—

—

62,066

 
Derivative instruments
110,849

(554
)
—

—

110,295

 
 
Total
$
306,084

$
(149,662
)
$
312,479

$
(259,703
)
$
209,198

 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
Funds held under reinsurance treaties
$
—

$
—

$
(355,482
)
$
331,608

$
(23,874
)
 
 
 
 
 
 
 
 
 
 
 
December 31, 2014
 
Purchases
Sales
Issuances
Settlements
Total
Assets
 
 
 
 
 
 
Fixed maturities
 
 
 
 
 
 
Corporate securities
$
42

$
(21,238
)
$
—

$
—

$
(21,196
)
 
Residential mortgage-backed
—

(20
)
—

—

(20
)
 
Commercial mortgage-backed
—

(526
)
—

—

(526
)
 
Other asset-backed securities
5,000

(945
)
—

—

4,055

 
Trading securities
1,009

(30,608
)
—

—

(29,599
)
 
Policy loans
—

—

312,213

(289,075
)
23,138

 
Limited partnerships
166,539

(174,556
)
—

—

(8,017
)
 
 
Total
$
172,590

$
(227,893
)
$
312,213

$
(289,075
)
$
(32,165
)
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
Funds held under reinsurance treaties
$
—

$
—

$
(478,489
)
$
459,501

$
(18,988
)

As a result of the Company being able to obtain pricing from an independent pricing service utilizing significant observable inputs, securities with a fair value of $5.0 million and $2.5 million were transferred from Level 3 to Level 2 during 2015 and 2014, respectively. During 2015 and 2014, the Company transferred securities with a fair value of nil and $9.7 million, respectively, from Level 2 to Level 3 as a result of the use of significant unobservable inputs as the Company was not able to obtain pricing from an independent pricing service. During 2015, an unobservable input became a significant contribution to the fair value estimates for certain derivative instruments, of which $107.3 million were transferred from Level 2 to Level 3. There were no transfers between Level 1 and 2 of the fair value hierarchy in 2015 or 2014.



40
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

The portion of gains (losses) included in net income or other comprehensive income attributable to the change in unrealized gains and losses on Level 3 financial instruments still held at December 31, 2015 and 2014 was as follows (in thousands):
 
 
 
2015
 
2014
Assets
 
 
 
 
 
Fixed maturities
 
 
 
 
Corporate securities
$
(281
)
 
$
—

 
Residential mortgage-backed
17

 
17

 
Commercial mortgage-backed
—

 
(292
)
 
Other asset-backed securities
89

 
100

 
Trading securities
3,598

 
(4,136
)
 
Limited partnerships
(43,935
)
 
(125,309
)
 
Derivative instruments
(103,484
)
 
—

 
GMIB reinsurance recoverable
(8,941
)
 
202,547

 
 
 
 
 
 
Liabilities
 
 
 
 
 
Embedded derivative liabilities
$
(439,856
)
 
$
(2,683,464
)
 
Funds held under reinsurance treaties
(128
)
 
(13,959
)

Fair Value of Financial Instruments Carried at Other Than Fair Value
The table below presents the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value (in thousands).

 
 
December 31, 2015
 
December 31, 2014
 
Fair Value Hierarchy Level
Carrying Value
Fair Value
 
Carrying Value
Fair Value
Assets
 
 
 
 
 
 
Commercial mortgage loans
Level 3
$
6,436,636

$
6,588,152

 
$
5,998,253

$
6,289,683

Policy loans
Level 3
1,279,832

1,279,832

 
1,320,533

1,320,533

 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
Other contract holder funds
 
 
 
 
 
 
Annuity reserves (1)
Level 3
$
37,362,204

$
40,869,450

 
$
36,698,409

$
40,728,659

Reserves for guaranteed investment contracts
Level 3
1,816,501

1,822,597

 
1,878,038

1,890,937

Trust instruments supported by funding agreements
Level 3
2,542,491

2,556,792

 
1,315,639

1,335,450

Federal Home Loan Bank funding agreements
Level 3
1,873,747

1,860,010

 
1,873,843

1,839,594

Debt - mortgage loans (2)
Level 3
—

—

 
29,309

29,309

Debt - all other
Level 2
346,957

427,500

 
299,428

365,000

Securities lending payable
Level 2
279,002

279,002

 
196,633

196,633

Repurchase agreements
Level 2
—

—

 
289,625

289,625

Federal Home Loan Bank advances
Level 2
—

—

 
200,015

200,015

Separate account liabilities (3)
Level 2
134,157,891

134,157,891

 
127,459,274

127,459,274

 
 
 
 
 
 
 
(1) Annuity reserves represent only the components of other contract holder funds that are considered to be financial instruments.
(2)  Represents mortgage loans associated with certain consolidated VIEs.
(3) The values of separate account liabilities are set equal to the values of separate account assets.

Fair Value Option
As described in Note 2, in connection with the acquisition of REALIC, the Company elected the fair value option for certain assets, which are held as collateral for reinsurance. Accordingly, the Company established a funds held liability, for which the Company also elected the fair value option. The value of the funds held liability is equal to the fair value of the assets held as collateral. The income and any changes in unrealized gains and losses on these assets and the corresponding funds held liability are included in net investment income and have no impact on the Company’s

41
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

consolidated income statements. Income and changes in unrealized gains and losses on other assets for which the Company has elected the fair value option are immaterial to the Company’s consolidated financial statements.

6.
Deferred Acquisition Costs and Deferred Sales Inducements

The balances of and changes in deferred acquisition costs, as of and for the years ended December 31, were as follows (in thousands):
 
 
 
 
2015
 
2014
 
2013
Balance, beginning of year
$
7,455,336

 
$
6,212,220

 
$
4,822,587

 
Deferrals of acquisition costs
1,102,213

 
1,093,265

 
1,077,016

 
Amortization related to:
 
 
 
 
 
 
 
Operations
(711,391
)
 
(708,735
)
 
(544,047
)
 
 
Derivatives
171,657

 
1,012,613

 
217,606

 
 
Net realized gains
(7,972
)
 
(19,141
)
 
(14,905
)
 
 
 
Total amortization
(547,706
)
 
284,737

 
(341,346
)
 
Unrealized investment losses (gains)
428,961

 
(134,886
)
 
653,963

Balance, end of year
$
8,438,804

 
$
7,455,336

 
$
6,212,220


The balances of and changes in deferred sales inducements, which are reported in other assets, as of and for the years ended December 31, were as follows (in thousands):
 
 
 
 
2015
 
2014
 
2013
Balance, beginning of year
$
768,272

 
$
784,285

 
$
560,141

 
Deferrals of sales inducements
24,584

 
30,238

 
55,735

 
Amortization related to:
 
 
 
 
 
 
 
Operations
(108,127
)
 
(122,943
)
 
(135,270
)
 
 
Derivatives
(3,727
)
 
105,082

 
194,553

 
 
Net realized gains
(1,300
)
 
(3,312
)
 
(2,555
)
 
 
 
Total amortization
(113,154
)
 
(21,173
)
 
56,728

 
Unrealized investment losses (gains)
74,988

 
(25,078
)
 
111,681

Balance, end of year
$
754,690

 
$
768,272

 
$
784,285


7.
Reinsurance

The Company assumes and cedes reinsurance from and to other insurance companies in order to limit losses from large exposures; however, if the reinsurer is unable to meet its obligations, the originating issuer of the coverage retains the liability. The Company reinsures certain of its risks to other reinsurers under a yearly renewable term, coinsurance, or modified coinsurance basis. The Company regularly monitors the financial strength rating of reinsurers.

The Company has also acquired certain lines of business that are wholly ceded to non-affiliates. These include both direct and assumed accident and health business, direct and assumed life insurance business, and certain institutional annuities.

Jackson’s GMIBs are reinsured with an unrelated party and, due to the net settlement provisions of the reinsurance agreement, meet the definition of a derivative. Accordingly, the GMIB reinsurance agreement is recorded at fair value on the Company’s consolidated balance sheets, with changes in fair value recorded in other net investment losses.

As a pre-closing condition to the acquisition, and after receipt of all required regulatory approvals, REALIC entered into three retro treaties with SRZ. Pursuant to these retro treaties, REALIC ceded to SRZ on a 100% coinsurance basis, subject to pre-existing reinsurance with other parties, certain blocks of business written or assumed by REALIC. These blocks of business include the disability income and accident and health business written or assumed by REALIC, a mix of life and annuity insurance business written or assumed by REALIC, and the corporate owned life insurance business assumed by REALIC. The effective date of the three retrocession agreements was July 1, 2012.

42
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

Pursuant to the retro treaties, the Company holds certain assets, primarily policy loans and fixed maturities, as collateral. This collateral is reported as a liability as funds held under reinsurance treaties on the consolidated balance sheets. At December 31, 2015 and 2014, this funds held liability was $3.5 billion and $3.4 billion, respectively.

The effect of reinsurance on premium was as follows (in thousands):
 
 
Years Ended December 31,
 
 
2015
 
2014
 
2013
Direct premium:
 
 
 
 
 
Life
$
600,689

 
$
642,010

 
$
668,878

Accident and health
60,002

 
65,024

 
70,214

Plus reinsurance assumed:
 
 
 
 
 
Life
59,069

 
67,558

 
66,242

Accident and health
10,514

 
11,893

 
13,602

Less reinsurance ceded:
 
 
 
 
 
Life
(376,283
)
 
(427,173
)
 
(429,499
)
Annuity guaranteed benefits
(17,066
)
 
(18,054
)
 
(18,850
)
Accident and health
(70,516
)
 
(76,917
)
 
(83,816
)
Total premium
$
266,409

 
$
264,341

 
$
286,771


The effect of reinsurance on benefits was as follows (in thousands):
 
 
Years Ended December 31,
 
 
2015
 
2014
 
2013
Direct benefits:
 
 
 
 
 
Life
$
1,351,975

 
$
1,407,976

 
$
1,331,828

Accident and health
134,447

 
108,323

 
142,827

Annuity guaranteed benefits
93,473

 
60,121

 
69,403

Plus reinsurance assumed:
 
 
 
 
 
Life
248,217

 
244,807

 
384,181

Accident and health
31,444

 
32,694

 
32,723

Less reinsurance ceded:
 
 
 
 
 
Life
(574,634
)
 
(599,852
)
 
(577,884
)
Accident and health
(165,891
)
 
(141,017
)
 
(175,550
)
Deferral of contract enhancements
(11,970
)
 
(16,258
)
 
(41,396
)
Change in reserves, net of reinsurance
(109,315
)
 
86,886

 
(139,740
)
Total benefits
$
997,746

 
$
1,183,680

 
$
1,026,392



43
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

Components of the Company’s reinsurance recoverable were as follows (in thousands):
 
 
December 31,
 
 
2015
 
2014
Reserves:
 
 
 
Life
$
6,988,682

 
$
7,134,878

Accident and health
610,835

 
623,795

Guaranteed minimum income benefits
329,753

 
338,694

Other annuity benefits
227,492

 
240,385

Claims liability
989,695

 
977,022

Other
7,805

 
8,385

Total
$
9,154,262

 
$
9,323,159


Included in the reinsurance recoverable were reserves ceded to Brooke Life of $36.2 million and $39.3 million at December 31, 2015 and 2014, respectively. The largest amount ceded to any reinsurer at December 31, 2015 totaled $6.3 billion, which was primarily related to the retro treaties, which are fully collateralized.

The following table sets forth the Company’s net life insurance in-force (in millions):
 
 
December 31,
 
 
2015
 
2014
Direct life insurance in-force
$
231,934

 
$
249,709

Amounts assumed from other companies
22,301

 
23,592

Amounts ceded to other companies
(140,428
)
 
(150,422
)
Net life insurance in-force
$
113,807

 
$
122,879


Prior to the Company’s acquisition of REALIC, reserve requirements for certain term policies with a ceding insurer were in dispute between the ceding insurer and Swiss Re.  Under the terms of the purchase agreement, Jackson was obligated to continue the negotiations.  In October 2013, all parties agreed on a resolution, which resulted in the ceding insurer recapturing a portion of the business that was ceded to the Company, resulting in additional income of $10.9 million.  There were no similar transactions in 2014 or 2015.

8.
Reserves for Future Policy Benefits and Claims Payable and Other Contract Holder Funds

The following table sets forth the Company’s reserves for future policy benefits and claims payable balances (in thousands):
 
2015
 
2014
Traditional life
$
6,262,942

 
$
6,610,023

Guaranteed benefits
4,072,203

 
3,526,259

Claims payable
901,226

 
867,401

Accident and health
1,412,689

 
1,436,681

Other
1,087,149

 
1,134,105

Total
$
13,736,209

 
$
13,574,469


For traditional life insurance contracts, which include term and whole life, reserves are determined using the net level premium method and assumptions as of the issue date or acquisition date as to mortality, interest rates, persistency and expenses, plus provisions for adverse deviation. These assumptions are not unlocked unless the reserve is determined to be deficient.

The Company’s liability for future policy benefits also includes liabilities for guaranteed benefits related to certain nontraditional long-duration life and annuity contracts, which are further discussed in Note 9.

44
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

The following table sets forth the Company’s liabilities for other contract holder funds balances (in thousands):
 
December 31,
 
2015
 
2014
Interest-sensitive life
$
13,168,029

 
$
13,369,749

Variable annuity fixed option
8,103,623

 
6,808,521

Fixed annuity
19,384,788

 
19,843,325

Fixed index annuity
12,290,965

 
12,596,205

GICs, funding agreements and FHLB advances
6,232,739

 
5,067,519

Total
$
59,180,144

 
$
57,685,319


For interest-sensitive life contracts, liabilities approximate the policyholder’s account value, plus the remaining balance of the fair value adjustment related to the REALIC acquired business, which is further discussed below. The liability for fixed index annuities is based on three components, 1) the imputed value of the underlying guaranteed host contract, 2) the fair value of the embedded option component of the contract, and 3) the liability for guaranteed benefits related to the optional lifetime income rider. For fixed annuities and other investment contracts, as detailed in the above table, the liability is the policyholder’s account value, plus the unamortized balance of the fair value adjustment related to the REALIC acquired business. At December 31, 2015, the Company had interest sensitive life business with minimum guaranteed interest rates ranging from 2.5% to 6.0%, with a 4.66% average guaranteed rate and fixed interest rate annuities with minimum guaranteed rates ranging from 1.0% to 5.5% and a 2.40% average guaranteed rate.

Upon acquisition of REALIC, the Company recorded a fair value adjustment related to certain annuity and interest sensitive liability blocks of business to reflect the cost of the interest guarantees within the inforce liabilities, based on the difference between the guaranteed interest rate and an assumed new money guaranteed interest rate. This adjustment was recorded in reserves for future policy benefits and claims payable. This component of the acquired reserve is reassessed at the end of each period, taking into account changes in the inforce block. Any resulting change in the reserve is recorded as a change in reserve through the consolidated income statements.



45
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

At both December 31, 2015 and 2014, approximately 88% of the Company’s fixed interest rate annuity account values correspond to crediting rates that are at the minimum guaranteed interest rates. The following tables show the distribution of the fixed interest rate annuities’ account values within the presented ranges of minimum guaranteed interest rates (in millions):
 
 
December 31, 2015
 
 
 
 
 
 
 
 
 
Minimum
Guaranteed Interest Rate
 
Account Value
 
Fixed
 
Fixed Index
 
Variable
 
Total
1%
 
$
2,496.7

 
$
1,848.8

 
$
3,850.2

 
$
8,195.7

>1.0% - 2.0%
 
1,394.6

 
7,076.3

 
2,813.8

 
11,284.7

>2.0% - 3.0%
 
9,018.6

 
3,365.9

 
1,439.6

 
13,824.1

>3.0% - 4.0%
 
1,861.9

 
—

 
—

 
1,861.9

>4.0% - 5.0%
 
2,416.0

 
—

 
—

 
2,416.0

>5.0% - 5.5%
 
312.4

 
—

 
—

 
312.4

Total
 
$
17,500.2

 
$
12,291.0

 
$
8,103.6

 
$
37,894.8

 
 
 
 
 
 
 
 
 
 
 
December 31, 2014
 
 
 
 
 
 
 
 
 
Minimum
Guaranteed Interest Rate
 
Account Value
 
Fixed
 
Fixed Index
 
Variable
 
Total
1%
 
$
2,071.1

 
$
1,477.2

 
$
2,571.4

 
$
6,119.7

>1.0% - 2.0%
 
1,903.4

 
7,463.8

 
2,906.6

 
12,273.8

>2.0% - 3.0%
 
9,294.1

 
3,655.2

 
1,330.5

 
14,279.8

>3.0% - 4.0%
 
1,932.2

 
—

 
—

 
1,932.2

>4.0% - 5.0%
 
2,442.8

 
—

 
—

 
2,442.8

>5.0% - 5.5%
 
321.9

 
—

 
—

 
321.9

Total
 
$
17,965.5

 
$
12,596.2

 
$
6,808.5

 
$
37,370.2


At both December 31, 2015 and 2014, approximately 81% of the Company’s interest sensitive life business account values correspond to crediting rates that are at the minimum guaranteed interest rates. The following table shows the distribution of the interest sensitive life business account values within the presented ranges of minimum guaranteed interest rates, excluding the business that is subject to the previously mentioned retro treaties (in millions):
Minimum
Guaranteed Interest Rate
 
Account Value - Interest Sensitive Life
 
December 31,
 
2015
 
2014
>2.0% - 3.0%
 
$
300.6

 
$
303.6

>3.0% - 4.0%
 
3,422.5

 
3,532.7

>4.0% - 5.0%
 
2,981.6

 
3,074.1

>5.0% - 6.0%
 
2,320.3

 
2,360.2

Subtotal
 
9,025.0

 
9,270.6

Retro treaties
 
4,143.0

 
4,099.1

Total
 
$
13,168.0

 
$
13,369.7


The Company has established a European Medium Term Note program, with up to $5.8 billion in aggregate principal amount outstanding at any one time. Jackson National Life Funding, LLC was formed as a special purpose vehicle solely for the purpose of issuing Medium Term Note instruments to institutional investors, the proceeds of which are deposited with Jackson and secured by the issuance of funding agreements. The carrying values at December 31, 2015 and 2014 totaled $11.4 million and $12.8 million, respectively.

The Company has established a $12.0 billion aggregate Global Medium Term Note program. Jackson National Life Global Funding was formed as a statutory business trust, solely for the purpose of issuing Medium Term Note instruments to institutional investors, the proceeds of which are deposited with Jackson and secured by the issuance of funding agreements. The carrying values at December 31, 2015 and 2014 totaled $2.5 billion and $1.3 billion, respectively.

46
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

Those Medium Term Note instruments issued in a foreign currency have been hedged for changes in exchange rates using cross-currency swaps. The fair value of derivatives embedded in funding agreements, as well as unrealized foreign currency transaction gains and losses, are included in the carrying value of the trust instruments supported by funding agreements.

Trust instrument liabilities are adjusted to reflect the effects of foreign currency translation gains and losses using exchange rates as of the reporting date. Foreign currency translation gains and losses are included in other net investment losses.

Jackson and Squire Re are members of the FHLBI primarily for the purpose of participating in the bank’s mortgage-collateralized loan advance program with short-term and long-term funding facilities. Advances are in the form of short-term or long-term notes or funding agreements issued to FHLBI. At December 31, 2015 and 2014, the Company held $99.3 million and $108.1 million, respectively, of FHLBI capital stock, supporting $2.0 billion and $2.1 billion in funding agreements, short-term and long-term borrowing capacity in 2015 and 2014, respectively.

9.
Certain Nontraditional Long-Duration Contracts and Variable Annuity Guarantees
The Company issues variable contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contract holder (“traditional variable annuities”). The Company also issues variable annuity and life contracts through separate accounts where the Company contractually guarantees to the contract holder (“variable contracts with guarantees”) either a) return of no less than total deposits made to the account adjusted for any partial withdrawals, b) total deposits made to the account adjusted for any partial withdrawals plus a minimum return, or c) the highest account value on a specified anniversary date adjusted for any withdrawals following the contract anniversary. These guarantees include benefits that are payable in the event of death (GMDB), at annuitization (GMIB), upon the depletion of funds (GMWB) or at the end of a specified period (GMAB).
The assets supporting the variable portion of both traditional variable annuities and variable contracts with guarantees are carried at fair value and reported as summary total separate account assets with an equivalent summary total reported for separate account liabilities. Liabilities for guaranteed benefits are general account obligations and are reported in reserves for future policy benefits and claims payable. Amounts assessed against the contract holders for mortality, administrative, and other services are reported in revenue as fee income. Changes in liabilities for minimum guarantees are reported within death, other policy benefits and change in policy reserves within the consolidated income statements with the exception of changes in embedded derivatives, which are included in other net investment losses. Separate account net investment income, net investment realized and unrealized gains and losses, and the related liability changes are offset within the same line item in the consolidated income statements.
 


47
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

At December 31, 2015 and 2014, the Company provided variable annuity contracts with guarantees, for which the net amount at risk (“NAR”) is defined as the amount of guaranteed benefit in excess of current account value, as follows (dollars in millions):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period
 
 
 
 
 
 
 
 
 
 
 
 
Weighted
 
until
December 31, 2015
Minimum
 
Account
 
Net Amount
 
Average
 
Expected
 
 
 
 
 
 
Return
 
Value
 
at Risk
 
Attained Age
 
Annuitization
Return of net deposits plus a minimum return
 
 
 
 
 
 
 
 
 
 
GMDB
0-6%
 
$
104,252.0

 
$
3,853.1

 
65.3 years
 
 
 
GMWB - Premium only
0%
 
2,824.5

 
82.0

 
 
 
 
 
GMWB
0-5%*
 
338.0

 
33.4

 
 
 
 
 
GMAB - Premium only
0%
 
65.8

 
0.1

 
 
 
 
Highest specified anniversary account value minus withdrawals post-anniversary
 
 
 
 
 
 
 
 
 
 
GMDB
 
 
10,328.9

 
864.9

 
65.4 years
 
 
 
GMWB - Highest anniversary only
 
 
2,984.1

 
298.2

 
 
 
 
 
GMWB
 
 
1,028.7

 
148.9

 
 
 
 
Combination net deposits plus minimum return, highest specified anniversary account value minus withdrawals post-anniversary
 
 
 
 
 
 
 
 
 
 
GMDB
0-6%
 
5,996.8

 
943.4

 
68.3 years
 
 
 
GMIB
0-6%
 
2,096.1

 
763.2

 
 
 
0.5 years
 
GMWB
0-8%*
 
94,217.0

 
11,434.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period
 
 
 
 
 
 
 
 
 
 
 
 
Weighted
 
until
December 31, 2014
Minimum
 
Account
 
Net Amount
 
Average
 
Expected
 
 
 
 
 
 
Return
 
Value
 
at Risk
 
Attained Age
 
Annuitization
Return of net deposits plus a minimum return
 
 
 
 
 
 
 
 
 
 
GMDB
0-6%
 
$
100,332.3

 
$
2,282.0

 
65.0 years
 
 
 
GMWB - Premium only
0%
 
3,354.6

 
50.0

 
 
 
 
 
GMWB
0-5%*
 
411.7

 
26.1

 
 
 
 
 
GMAB - Premium only
0%
 
82.2

 
0.1

 
 
 
 
Highest specified anniversary account value minus withdrawals post-anniversary
 
 
 
 
 
 
 
 
 
 
GMDB
 
 
10,261.6

 
301.4

 
65.0 years
 
 
 
GMWB - Highest anniversary only
 
 
3,322.4

 
133.2

 
 
 
 
 
GMWB
 
 
1,293.7

 
90.9

 
 
 
 
Combination net deposits plus minimum return, highest specified anniversary account value minus withdrawals post-anniversary
 
 
 
 
 
 
 
 
 
 
GMDB
0-6%
 
6,202.9

 
471.4

 
67.5 years
 
 
 
GMIB
0-6%
 
2,486.9

 
561.6

 
 
 
1.4 years
 
GMWB
0-8%*
 
89,383.7

 
3,169.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Ranges shown based on simple interest. The upper limits of 5% or 8% simple interest are approximately equal to 4.1% and 6%, respectively, on a compound interest basis over a typical 10-year bonus period.

48
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

Amounts shown as GMWB above include a ‘not-for-life’ component up to the point at which the guaranteed withdrawal benefit is exhausted, after which benefits paid are considered to be ‘for-life’ benefits. The liability related to this ‘not-for-life’ portion is valued as an embedded derivative, while the ‘for-life’ benefits are valued as an insurance liability (see below). For this table, the net amount at risk of the ‘not-for-life’ component is the undiscounted excess of the guaranteed withdrawal benefit over the account value, and that of the ‘for-life’ component is the estimated value of additional life contingent benefits paid after the guaranteed withdrawal benefit is exhausted.

Account balances of contracts with guarantees were invested in variable separate accounts as follows (in millions):
 
December 31,
Fund type:
2015
 
2014
Equity
$
81,783.2

 
$
78,075.2

Bond
17,001.3

 
17,369.3

Balanced
19,965.2

 
20,117.6

Money market
1,227.2

 
1,052.1

Total
$
119,976.9

 
$
116,614.2


GMDB liabilities reflected in the general account were as follows (in millions):
 
2015
 
2014
Balance at January 1
$
786.7

 
$
579.1

Incurred guaranteed benefits
157.2

 
266.9

Paid guaranteed benefits
(88.8
)
 
(59.3
)
Balance at December 31
$
855.1

 
$
786.7


The GMDB liability is determined by estimating the expected value of death benefits in excess of the projected account balance and recognizing the excess ratably over the accumulation period based on total expected assessments. The Company regularly evaluates estimates used and adjusts the liability balance through the consolidated income statement, within death, other policy benefits and change in policy reserves, if actual experience or other evidence suggests that earlier assumptions should be revised.

The following assumptions and methodology were used to determine the GMDB liability at both December 31, 2015 and 2014 (except where otherwise noted):
1)
Use of a series of stochastic investment performance scenarios, based on historical average market volatility.
2)
Mean investment performance assumption of 7.4% after investment management fees, but before investment advisory fees and mortality and expense charges.
3)
Mortality equal to 39% to 100% of the Annuity 2000 table.
4)
Lapse rates varying by contract type, duration and degree the benefit is in-the-money and ranging from 0.5% to 40.0%, with an average of 3.6% during the surrender charge period and 8.5% thereafter (2014: 8.9%).
5)
Discount rates: 7.4% on 2013 and later issues, 8.4% on 2012 and prior issues.

Most GMWB reserves are considered to be derivatives under current accounting guidance and are recognized at fair value, as previously defined, with the change in fair value reported in net income. The fair value of these liabilities is determined using stochastic modeling and inputs as further described in Note 5. The fair valued GMWB had a reserve liability of $2,184.7 million and $1,744.4 million at December 31, 2015 and 2014, respectively, and was reported in reserves for future policy benefits and claims payable.

Jackson has also issued certain GMWB products that guarantee payments over a lifetime. Reserves for the portion of these benefits after the point where the guaranteed withdrawal balance is exhausted are calculated using assumptions and methodology similar to the GMDB liability. At December 31, 2015 and 2014, these GMWB reserves totaled $56.7 million and $53.0 million, respectively, and were reported in reserves for future policy benefits and claims payable.


49
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

GMAB benefits were offered on some variable annuity plans. However, the Company no longer offers these benefits. The GMAB had an asset value of $0.7 million and $0.2 million at December 31, 2015 and 2014, respectively.

The direct GMIB liability is determined at each period end by estimating the expected value of the annuitization benefits in excess of the projected account balance at the date of annuitization and recognizing the excess ratably over the accumulation period based on total expected assessments. The assumptions used for calculating the direct GMIB liability are consistent with those used for calculating the GMDB liability. At December 31, 2015 and 2014, GMIB reserves before reinsurance totaled $20.5 million and $29.4 million, respectively.

Other Liabilities - Insurance and Annuitization Benefits
The Company has established additional reserves for life insurance business for universal life (“UL”) plans with secondary guarantees, interest-sensitive life (“ISWL”) plans that exhibit “profits followed by loss” patterns and account balance adjustments to tabular guaranteed cash values on one interest-sensitive life plan.

Liabilities for these benefits have been established according to the methodologies described below:
 
 
December 31, 2015
 
December 31, 2014
Benefit Type
 
Liability
(in millions)
 
Net Amount
at Risk
(in millions)
 
Weighted Average
 Attained
 Age
 
Liability
(in millions)
 
Net Amount
at Risk
(in millions)
 
Weighted Average
Attained
 Age
UL insurance benefit *
 
$848.2
 
$26,252.1
 
60.1 years
 
$809.8
 
$28,103.8
 
59.5 years
ISWL account balance
 
 
 
 
 
 
 
 
 
 
 
 
adjustment
 
104.5
 
 n/a
 
n/a
 
100.4
 
 n/a
 
n/a
 
 
 
 
 
 
 
 
 
 
 
 
 
* Amounts for the UL benefits are for the total of the plans containing any policies having projected non-zero excess benefits and thus, may include some policies with zero projected excess benefits.

The following assumptions and methodology were used to determine the UL insurance benefit liability at December 31, 2015 and 2014:
1)
Use of a series of deterministic premium persistency scenarios.
2)
Other experience assumptions similar to those used in amortization of deferred acquisition costs.
3)
Discount rates equal to credited interest rates, approximately 4.0% to 5.5%.

The Company also has a small closed block of two-tier annuities, where different crediting rates are used for annuitization and surrender benefit calculations. A liability is established to cover future annuitization benefits in excess of surrender values. In 2015, the Company began offering an optional lifetime income rider with certain of its fixed index annuities. The liabilities established for both of these were immaterial to the consolidated financial statements at December 31, 2015 and 2014.


50
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

10.
Debt

The aggregate carrying value of borrowings was as follows (in thousands):

 
 
December 31,
 
 
2015
 
2014
Surplus notes
 
$
249,457

 
$
249,428

Mortgage loans
 
—

 
29,309

FHLBI bank loans
 
97,500

 
50,000

Total
 
$
346,957

 
$
328,737

At December 31, 2015, the above borrowings were all due after five years.

Surplus notes
On March 15, 1997, the Company issued 8.15% surplus notes in the principal amount of $250.0 million due March 15, 2027. These surplus notes were issued pursuant to Rule 144A under the Securities Act of 1933, and are unsecured and subordinated to all present and future indebtedness, policy claims and other creditor claims and may not be redeemed at the option of the Company or any holder prior to maturity.

Under Michigan Insurance Law, for statutory reporting purposes, the surplus notes are not part of the legal liabilities of the Company and are considered surplus funds. Payments of interest or principal may only be made with the prior approval of the commissioner of insurance of the state of Michigan and only out of surplus earnings which the commissioner determines to be available for such payments under Michigan Insurance Law. Interest is payable semi-annually on March 15th and September 15th of each year. Interest expense on the notes was $20.4 million in 2015, 2014, and 2013.

Mortgage loans
During 2015, mortgage loans held by certain consolidated real estate VIEs were paid off. Interest expense related to these loans totaled $0.4 million, $1.3 million, and $1.3 million in 2015, 2014, and 2013, respectively.

Federal Home Loan Bank Loans
The Company received loans of $50 million from the FHLBI under its community investment program in both 2015 and 2014, which amortize on a straight line basis over the loan term.  The weighted average interest rate on these loans was 0.36% in 2015 and 0.14% in 2014.  The outstanding balance on these loans was $97.5 million and $50.0 million at December 31, 2015 and 2014, respectively.  During 2015 and 2014, interest expense for these loans totaled $139 thousand and $71 thousand, respectively. At December 31, 2015, the loans were collateralized by mortgage-related securities and commercial mortgage loans with a carrying value of $131.6 million.

11.
Federal Home Loan Bank Advances

The Company entered into a short-term advance program with the FHLBI in which interest rates were either fixed or variable based on the FHLBI cost of funds or market rates. At December 31, 2015, there were no advances outstanding. At December 31, 2014, advances of $200.0 million were outstanding and were recorded in other liabilities. The Company paid interest of $53 thousand, $23 thousand, and $0.1 million on such advances in 2015, 2014 and 2013, respectively.

12.
Income Taxes

The components of the provision for federal, state and local income taxes were as follows (in thousands):
 
 
Years Ended December 31,
 
 
2015
 
2014
 
2013
Current tax expense (benefit)
$
312,638

 
$
405,567

 
$
(110,081
)
Deferred tax expense (benefit)
33,701

 
(415,974
)
 
277,078

Federal income tax expense (benefit)
$
346,339

 
$
(10,407
)
 
$
166,997



51
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

The federal income tax provisions differ from the amounts determined by multiplying pre-tax income attributable to Jackson by the statutory federal income tax rate of 35% for 2015, 2014 and 2013 as follows (in thousands):
 
 
Years Ended December 31,
 
 
2015
 
2014
 
2013
Income taxes at statutory rate
$
616,111

 
$
117,283

 
$
324,491

Dividends received deduction
(250,358
)
 
(125,394
)
 
(136,844
)
Other
(19,414
)
 
(2,296
)
 
(20,650
)
Federal income tax expense (benefit)
$
346,339

 
$
(10,407
)
 
$
166,997

 
 
 
 
 
Effective tax rate
19.7
%
 
-3.1
 %
 
18.0
%

Federal income taxes paid (refunded) were $766.0 million, $256.8 million, and $(241.9) million in 2015, 2014, and 2013, respectively.

The tax effects of significant temporary differences that gave rise to deferred tax assets and liabilities were as follows (in thousands):
 
 
 
 
December 31,
 
 
 
 
2015
 
2014
Gross deferred tax asset
 
 
 
Difference between financial reporting and the tax basis of:
 
 
 
Policy reserves and other insurance items
$
4,158,714

 
$
3,616,046

Deferred compensation
141,344

 
73,761

Net operating loss carryforward
78,486

 
86,270

Other, net
67,696

 
63,740

Total gross deferred tax asset
4,446,240

 
3,839,817

 
 
 
 
Gross deferred tax liability
 
 
 
Difference between financial reporting and the tax basis of:
 
 
 
Deferred acquisition costs and sales inducements
(2,925,303
)
 
(2,760,234
)
Other investment items
(796,406
)
 
(389,949
)
Net unrealized gains on available for sale securities
(156,229
)
 
(657,980
)
Other, net
(87,219
)
 
(17,698
)
Total gross deferred tax liability
(3,965,157
)
 
(3,825,861
)
 
 
 
 
 
 
 
Net deferred tax asset
$
481,083

 
$
13,956



The Company is required to evaluate the recoverability of its deferred tax assets and establish a valuation allowance, if necessary, to reduce its deferred tax asset to an amount that is more likely than not to be realizable. Considerable judgment and the use of estimates are required when determining whether a valuation allowance is necessary and, if so, the amount of such valuation allowance. When evaluating the need for a valuation allowance, the Company considers many factors, including: the nature and character of the deferred tax assets and liabilities; taxable income in prior carryback years; future reversals of temporary differences; the length of time carryovers can be utilized; and any tax planning strategies the Company would employ to avoid a tax benefit from expiring unused. Although realization is not assured, management believes as of December 31, 2015, it is more likely than not that the deferred tax assets, will be realized. At December 31, 2015 and 2014, the Company did not have a valuation allowance.

At December 31, 2015, the Company had a federal tax ordinary loss carryforward of $224.2 million which begins to expire in 2026, that was attributable to the Company’s acquisition of REALIC. Section 382 of the Internal Revenue Code imposes limitations on the utilization of net operating loss carryforwards. The Section 382 limitation is an annual limitation on the amount of pre-acquisition NOLs that a corporation may use to offset post-acquisition income. Section 382 further limits certain unrealized built-in losses at the time of acquisition. The annual limitation is approximately $21.0 million.

52
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

In February 2012, Brooke Life received a Notice of Proposed Adjustment from the IRS, regarding an assessment related to its tax treatment of interest expense on intercompany debt in 2007 and 2008. Due to the intercompany tax sharing agreement, the effect of an adjustment, if any, would impact Jackson’s total stockholder’s equity. Brooke Life did not agree with the assessment, believed its current position was sustainable and filed a protest with the Appellate Division of the IRS. In March 2014, the IRS fully conceded the debt/equity issue for years under examination in favor of the Company.

The Company has considered both permanent and temporary positions in determining the unrecognized tax benefit rollforward. The total amount of unrecognized benefits represent tax positions for which there is uncertainty about the timing of certain deductions. The timing of such deductions would not affect the annual effective tax rate, excluding the impact of interest and penalties.

The Company has not recorded any amounts for penalties related to unrecognized tax benefits during 2015, 2014, or 2013.

Based on information available as of December 31, 2015, the Company believes that, in the next 12 months, there are no positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease.

13.
Commitments, Contingencies, and Guarantees

The Company and its subsidiaries are involved in litigation arising in the ordinary course of business. It is the opinion of management that the ultimate disposition of such litigation will not have a material adverse affect on the Company's financial condition. Jackson has been named in civil litigation proceedings, which appear to be substantially similar to other class action litigation brought against many life insurers including allegations of misconduct in the sale of insurance products. The Company accrues for legal contingencies once the contingency is deemed to be probable and reasonably estimable. At December 31, 2015 and 2014, Jackson recorded accruals totaling $9.5 million and $8.5 million, respectively.

State guaranty funds provide payments for policyholders of insolvent life insurance companies. These guaranty funds are financed by assessing solvent insurance companies based on location, volume and types of business. The Company estimated its reserve for future state guaranty fund assessments based on data received from the National Organization of Life and Health Insurance Guaranty Associations. Based on data received, the Company’s reserve for future state guaranty fund assessments was $5.1 million and $5.4 million at the end of 2015 and 2014, respectively. Related premium tax offsets were $2.8 million and $3.0 million at December 31, 2015 and 2014, respectively. While Jackson cannot predict the amount and timing of any future assessments, the Company believes the reserve is adequate for all anticipated payments for known insolvencies.

In 2014, Jackson commenced a review of its wholly owned subsidiaries (Curian Capital, LLC and Curian Clearing, LLC). During its review, Jackson discovered that Curian Capital’s receipt of certain fees may have been inconsistent with applicable regulations. Jackson promptly reported these issues to regulatory authorities and retained independent outside legal counsel to conduct a thorough investigation. As of December 31, 2015, Curian Capital has recorded cumulative expenses of $76.5 million related to actual expenses incurred/customer payments and has a liability of $8.6 million for currently estimable outstanding exposures related to these issues.  The reserve represents Jackson’s best estimate of the outstanding exposure as of December 31, 2015.  Continuing work and regulatory discussions may result in future expenses, which are not estimable at this time.  Based on current information, however, management believes that any additional exposure is unlikely to be material to Jackson. 

At December 31, 2015, the Company had unfunded commitments related to its investments in limited partnerships and limited liability companies totaling $440.0 million. At December 31, 2015, unfunded commitments related to fixed-rate commercial mortgage loans and other fixed maturities totaled $94.5 million.

Jackson had previously received regulatory inquiries on an industry-wide matter regarding claims settlement practices and compliance with unclaimed property laws. During 2015, Jackson has reached agreements to settle issues related to these inquiries. At December 31, 2015 and 2014, the estimated accrual for claims, penalties and interest on the unclaimed property matters is approximately $24.3 million and $20.0 million, respectively.


53
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

The Company has two separate service agreements with third party administrators to provide policyholder administrative services. These agreements, subject to certain termination provisions, have ten-year terms and expire in 2019 and 2020.
 
The Company leases office space, land and equipment under several operating leases that expire at various dates through 2051. Certain leases include escalating lease rates, lease abatements and other incentives and, as a result, at December 31, 2015, Jackson recorded a liability of $7.2 million for future lease payments. Lease expense was $33.1 million, $29.8 million, and $30.7 million in 2015, 2014, and 2013, respectively. At December 31, 2015, future minimum payments under these noncancellable operating leases were as follows (in thousands):
2016
$
18,838

2017
16,754

2018
14,463

2019
11,970

2020
11,780

Thereafter
32,203

Total
$
106,008


14.
Share-Based Compensation

Certain officers participate in various share award plans relating to Prudential shares and/or American Depositary Receipts (“ADRs”) that are tradable on the New York Stock Exchange and are described below.

The Group Performance Share Plan (“GPSP”) is a Prudential incentive plan in which all executive directors of Prudential and other senior executives can participate. Awards are granted in the form of a nil cost option with a vesting period of three years. The performance measure for the awards is that Prudential’s Total Shareholder Return (“TSR”) outperforms an index comprised of peer companies over a three-year period. Vesting of the awards between each performance period is on a straight line sliding scale basis ranging from 0% (less than the peer index TSR return) to 100% (more than 120% of the peer index TSR return). Participants are entitled to the value of reinvested dividends that would have accrued on the shares that vest.

The Business Unit Performance Plan (“BUPP”) is a Prudential incentive plan created to provide a common framework under which awards would be made to Chief Executive Officers of Prudential’s business units. Awards under this nil cost plan for Jackson are based on compound annual growth in Jackson Shareholder Capital Value on a European Embedded Value (“EEV”) basis with performance measured over three years. Awards granted in 2009 and later are settled in ADRs after vesting. Participants are entitled to receive the value of reinvested dividends over the performance period for those shares/ADRs that vest. The compound annual growth parameters for the awards are based on factors relevant to the U.S. business and vesting between each performance point is on a straight line sliding scale basis ranging from 0% (less than 8% growth) to 100% (more than 12% growth).

At certain times, the Company may grant one-off type retention awards to certain key senior executives within Jackson. These awards are subject to the prior approval of the Jackson Remuneration Committee and are nil cost options with a contingent right to receive Prudential ADRs. The awards are contingent upon continued employment of the recipient through the award vesting date. There are no performance measurements with these awards.

The Company classifies all of the above plans as equity settled plans and, therefore, reflects the net reserve related to the compensation expense and the value of the shares distributed under this plan within the statement of equity. At December 31, 2015 and 2014, the Company had $3.3 million and $14.1 million, respectively, reserved for future payments under these plans.

The Company also has a performance-related share award plan which, subject to the prior approval of the Jackson Remuneration Committee, may grant share awards to eligible employees in the form of a contingent right to receive Prudential ADRs, or a conditional allocation of Prudential ADRs. These share awards are based on the compound annual EEV imputed growth in shareholder value of the U.S. business, have vesting periods of four years and are at nil cost to the employee. Share awards vest between 0% (less than 8% growth) and 150% (more than 17.5% growth) of the grant amounts dependent on the compound annual growth rate attained over the performance period. Award holders do not

54
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

have any right to dividends or voting rights attached to the ADRs granted during the performance period. In 2013, this plan was replaced by the Prudential Long-Term Incentive Plan (“PLTIP”) as further described below.

The PLTIP is a Prudential incentive plan in which the Company may grant share awards to eligible employees in the form of a contingent right to receive Prudential ADRs, or a conditional allocation of Prudential ADRs, subject to the prior approval of the Jackson Remuneration Committee.  These share awards vest based on the achievement of planned IFRS pretax operating income for the U.S. business, have vesting periods of three years and are at nil cost to the employee.  Share awards vest between 0% (less than 90% of plan) and 100% (more than 110% of plan) of the grant amounts dependent on IFRS pretax operating income attained over the performance period.  Award holders do not have any right to dividends or voting rights attached to the ADRs granted during the performance period.  Upon vesting, a number of ADRs equivalent to the value of dividends that otherwise would have been received over the performance period are added to vested awards.

The Company classifies these plans as liability settled plans and, therefore, reflects the accrued compensation expense and the value of the shares distributed under the plans within other liabilities. At December 31, 2015 and 2014, the Company had $91.6 million and $54.2 million, respectively, accrued for future payments under these plans.

The Company either acquires shares/ADRs or reimburses Prudential for the costs of any shares/ADRs that were distributed to participants in the above plans, or may be distributed in the future. The shares/ADRs acquired for all the share-award plans are held at cost in a trust account for future distributions. The Company reflects the costs of shares/ADRs held within the consolidated statement of equity as shares held in trust. At December 31, 2015 and 2014, the Company had $31.9 million and $27.1 million of shares/ADRs held at cost in the trust, respectively.

The Company recognizes share-based compensation expense associated with the equity settled plans based on the grant-date award fair value as determined using either the Black-Scholes model or the Monte Carlo model ratably over the requisite service period of each individual grant, which generally equals the vesting period. For the liability settled share award plans, compensation expense is recognized based on the change in fair value of the award at the end of each reporting period due to the plans’ cash settlement alternatives.

Total expense related to these share-based performance related compensation plans was as follows (in millions):
 
For the Years Ended December 31,
 
2015
 
2014
 
2013
Group Performance Share Plan
$
0.5

 
$
3.9

 
$
4.9

Business Unit Performance Plan
0.5

 
3.4

 
5.0

Retention Share Plan
3.3

 
2.9

 
3.2

Jackson performance plan
0.9

 
5.6

 
16.8

Prudential LTIP plan
44.9

 
30.6

 
10.0

Total compensation expense related to incentive plans
$
50.1

 
$
46.4

 
$
39.9

 
 
 
 
 
 
Income tax benefit
$
17.5

 
$
16.2

 
$
14.0


The total unrecognized compensation expense related to all share-based plans at December 31, 2015 was $67.0 million with a weighted average remaining period of 1.32 years.

During 2015, certain one-off type retention awards were issued. There were no new grants under the GPSP, BUPP, or performance plans.

The weighted average share/ADR fair values of share-based awards granted by the PLTIP during 2015, 2014 and 2013 were $50.48, $42.89, and $32.55, respectively.    


55
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

The weighted average fair value for the Company’s performance awards represents the average Prudential ADR price for the thirty days following Prudential’s unaudited annual earnings release date. The fair value amounts relating to the equity settled plans were determined using either the Black-Scholes or Monte Carlo option-pricing models. These models are used to calculate fair values for options and awards at the grant date based on the quoted market price of the stock at the measurement date, the dividend yield, expected volatility, risk-free interest rates and expected term.

At December 31, 2015 and 2014, there were no outstanding non-vested Prudential shares granted.

Outstanding non-vested Prudential ADRs granted were as follows:
 
GPSP
 
BUPP
 
Performance Award Plan
 
Prudential LTIP plan
 
ADR's
Weighted Average Grant Date Fair Value
 
ADR's
Weighted Average Grant Date Fair Value
 
ADR's
Weighted Average Grant Date Fair Value
 
ADR's
Weighted Average Grant Date Fair Value
At December 31, 2013
198,452

$
12.47

 
198,452

$
21.39

 
477,024

$
20.21

 
1,376,223

$
32.56

 
 
 
 
 
 
 
 
 
 
 
 
Granted
—

—

 
—

—

 
—

—

 
1,115,709

42.89

Exercised
98,824

12.84

 
98,824

21.89

 
217,638

15.97

 
—

—

Lapsed/Forfeited
—

—

 
—

—

 
16,844

23.75

 
117,301

35.57

At December 31, 2014
99,628

$
12.11

 
99,628

$
20.89

 
242,542

$
23.76

 
2,374,631

$
37.26

 
 
 
 
 
 
 
 
 
 
 
 
Granted
—

—

 
—

—

 
—

—

 
1,045,807

50.48

Exercised
99,628

12.11

 
99,628

20.89

 
120,449

23.27

 
—

—

Lapsed/Forfeited
—

—

 
—

—

 
19,488

24.24

 
194,600

38.68

At December 31, 2015
—

$
—

 
—

$
—

 
102,605

$
24.24

 
3,225,838

$
41.46


At December 31, 2015, there were 249,982 non-vested Prudential ADR grants related to the one-off retention award plan, with a weighted average grant date price of $46.68.

15.
Statutory Accounting Capital and Surplus

The Company is required to prepare statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the insurance department of the state of domicile. Statutory accounting practices primarily differ from GAAP by charging policy acquisition costs to expense as incurred and establishing future policy benefit liabilities using different actuarial assumptions, as well as valuing investments and certain assets and accounting for deferred income taxes on a different basis.

Under Michigan Insurance Law, while Jackson must provide notification to the Michigan commissioner of insurance prior to payment of any dividend, ordinary dividends on capital stock may only be distributed out of earned surplus, excluding any unrealized capital gains and the effect of permitted practices (referred to as adjusted earned surplus).  At December 31, 2015, the adjusted earned surplus of the Company was $1,242.5 million.  Ordinary dividends are also limited to the greater of 10% of statutory surplus as of the preceding year-end, excluding any increase arising from the application of permitted practices, or the statutory net income, excluding any net realized investment gains, for the twelve month period ended on the preceding December 31.  The commissioner may approve payment of dividends in excess of these amounts, which would be deemed an extraordinary dividend.  The maximum amount that would qualify as an ordinary dividend, which would consequently be free from restriction and available for payment of dividends to Brooke Life in 2016, is estimated to be $606.6 million, subject to the availability of adjusted earned surplus as of the dividend date.

The Company received capital contributions from its parent of $14.1 million and $35.1 million in 2014 and 2013, respectively, from Brooke Life’s forgiveness of intercompany tax liabilities. Dividends from the Company to its parent were $711.4 million, $697.0 million, and $507.0 million in 2015, 2014, and 2013, respectively. Jackson’s 2015 dividend includes $1.4 million related to Jackson’s forgiveness of Brooke Life’s intercompany tax liability.

Statutory capital and surplus of the Company, as reported in its Annual Statement, was $4.7 billion and $4.5 billion at December 31, 2015 and 2014, respectively. Statutory net income of the Company, as reported in its Annual Statement, was $627.0 million, $878.3 million, and $741.3 million in 2015, 2014, and 2013, respectively.

56
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

The commissioner has granted Jackson a permitted practice that allows Jackson to carry interest rate swaps at book value, as if the requirements for statutory hedge accounting were in place, instead of at fair value as would have been otherwise required. Jackson is required to demonstrate the effectiveness of its interest rate swap program pursuant to the Michigan Insurance Code. This permitted practice expires on October 1, 2016. At December 31, 2015 and 2014, the effect of the permitted practice decreased statutory surplus by $355.5 million and $555.1 million, net of tax, respectively. The permitted practice had no impact on statutory net income.

Under Michigan Insurance Law, VOBA is reported as an admitted asset if certain criteria are met. In relation to the acquisition of REALIC and pursuant to Michigan Insurance Law, the Company reported $327.5 million and $376.6 million of statutory basis VOBA at December 31, 2015 and 2014, respectively, which is fully admissible.

The NAIC has developed certain risk-based capital (“RBC”) requirements for life insurance companies. Under those requirements, compliance is determined by a ratio of a company’s total adjusted capital (“TAC”), calculated in a manner prescribed by the NAIC to its authorized control level RBC (“ACL RBC”), calculated in a manner prescribed by the NAIC. Companies below specific trigger points or ratios are classified within certain levels, each of which requires specified corrective action. The minimum level of TAC before corrective action commences is twice ACL RBC (“Company action level RBC”). At December 31, 2015, the Company’s TAC was more than 400% of the Company action level RBC.

In addition, on the basis of statutory financial statements that insurers file with the state insurance regulators, the NAIC annually calculates twelve financial ratios to assist state regulators in monitoring the financial condition of insurance companies. A usual range of results for each ratio is used as a benchmark and departure from the usual range on four or more of the ratios can lead to inquiries from individual state insurance departments. In 2015 and 2014, there were no significant exceptions with any ratios.

16.
Other Related Party Transactions

The Company's investment portfolio is managed by PPM America, Inc. (“PPMA”), a registered investment advisor, and PPM Finance, Inc. (collectively, “PPM”). PPM is ultimately a wholly owned subsidiary of Prudential. The Company paid $45.1 million, $45.0 million, and $45.7 million to PPM for investment advisory services during 2015, 2014, and 2013, respectively.

National Planning Holdings, Inc. (“NPH”), Jackson’s affiliated broker-dealer network, distributes products issued by Jackson and receives commissions and fees from Jackson. Commissions and fees paid by Jackson to NPH during 2015, 2014, and 2013 totaled $96.5 million, $106.4 million, and $102.1 million, respectively.

Jackson has entered into shared services administrative agreements with both NPH and PPMA. Under the shared services administrative agreements, Jackson charged $13.1 million, $9.8 million, and $7.1 million of certain management and corporate services costs to these affiliates in 2015, 2014, and 2013, respectively.

Jackson provided a $40.0 million revolving credit facility to Nicole Finance, Inc. (“Nicole”), a former upstream holding company. Effective December 31, 2015, Nicole merged into its parent, Brooke (Holdco1) Inc., which assumed all of Nicole’s liabilities. The loan is unsecured, matures in December 2016, accrues interest at 1.27% per annum and has a commitment fee of 0.10% per annum. There was no outstanding balance at both December 31, 2015 and 2014. The highest outstanding loan balance during 2015 and 2014 was nil and $16.8 million, respectively. During 2015, 2014, and 2013, interest and commitment fees totaled $40.0 thousand, $0.1 million, and $0.2 million, respectively.

Jackson provides a $40.0 million revolving credit facility to PPMA. The loan is unsecured, matures in September 2018, accrues interest at LIBOR plus 2% per annum and has a commitment fee of 0.25% per annum. There was no outstanding balance at both December 31, 2015 and 2014. The highest outstanding loan balance during 2015 and 2014 was $6.0 million and nil, respectively. Interest and commitment fees totaled $0.1 million each year for 2015, 2014, and 2013.

Jackson provides a $20.0 million revolving credit facility to Brooke Holdings, LLC, an upstream holding company. The loan is unsecured, matures in June 2019, accrues interest at LIBOR plus 2% per annum and has a commitment fee of 0.25% per annum. The outstanding balance at both December 31, 2015 and 2014 was $0.1 million. The highest

57
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

outstanding loan balance during both 2015 and 2014 was $0.1 million. Interest and commitment fees totaled $0.1 million each year for 2015, 2014, and 2013.

Jackson provides, through its PGDS subsidiary, information technology services to certain Prudential affiliates. Jackson recognized $13.6 million, $18.6 million, and $20.2 million of revenue associated with these services during 2015, 2014, and 2013, respectively. This revenue is included in other income in the accompanying consolidated income statements. This revenue is substantially equal to the costs incurred by PGDS to provide the services, which are reported in general and administrative expenses in the consolidated income statements.

17.
Benefit Plans

The Company has a defined contribution retirement plan covering substantially all employees and certain affiliates. To be eligible to participate in the Company’s contribution, an employee must have attained the age of 21, completed at least 1,000 hours of service in a 12-month period and passed their 12-month employment anniversary. In addition, the employee must be employed on the applicable January 1 or July 1 entry date. The Company's annual contributions, as declared by the board of directors, are based on a percentage of eligible compensation paid to participating employees during the year. In addition, the Company matches a participant’s elective contribution, up to 6 percent of eligible compensation, to the plan during the year. The Company’s expense related to this plan was $26.4 million, $25.9 million, and $25.4 million in 2015, 2014, and 2013, respectively.

The Company maintains non-qualified voluntary deferred compensation plans for certain agents and employees of Jackson and certain affiliates. At December 31, 2015 and 2014, the liability for such plans totaled $539.7 million and $496.9 million, respectively, and is reported in other liabilities. The Company’s expense related to these plans, including a match of elective deferrals for the agents’ deferred compensation plan and the change in value of participant elected deferrals, was $11.8 million, $30.2 million, and $56.4 million in 2015, 2014, and 2013, respectively. Previously, Jackson invested in selected mutual funds in amounts similar to participant elections as a hedge against significant movement in the payout liability. In December 2015, the Company liquidated its investment in these mutual funds and, instead, is hedging this liability within its overall hedging strategy. Investment (loss) income from the mutual funds previously invested in totaled $(1.1) million, $13.2 million, and $40.7 million in 2015, 2014, and 2013, respectively.

18.
Operating Costs and Other Expenses

The following table is a summary of the Company’s operating costs and other expenses (in thousands):
 
Years Ended December 31,
 
2015
 
2014
 
2013
Commission expenses
$
1,979,537

 
$
1,922,651

 
$
1,752,884

General and administrative expenses
847,265

 
786,676

 
804,851

Deferral of policy acquisition costs
(1,102,212
)
 
(1,093,265
)
 
(1,077,016
)
Total operating costs and other expenses
$
1,724,590

 
$
1,616,062

 
$
1,480,719




58
Jackson National Life Insurance Company and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2015 and 2014
 

19.
Reclassifications Out of Accumulated Other Comprehensive Income

The following table represents changes in the balance of AOCI, net of income tax, related to unrealized investment gains (losses) (in thousands):
 
December 31,
 
2015
 
2014
 
2013
Balance, beginning of year
$
1,478,565

 
$
526,947

 
$
2,107,631

OCI before reclassifications
(854,309
)
 
991,987

 
(1,502,596
)
Amounts reclassified from AOCI
(91,310
)
 
(42,737
)
 
(81,170
)
Less: Comprehensive loss attributable
 
 
 
 
 
to noncontrolling interest
15,512

 
2,368

 
3,082

Balance, end of year
$
548,458

 
$
1,478,565

 
$
526,947



The following table represents amounts reclassified out of AOCI (in thousands):
AOCI Components
 
Amounts Reclassified
from AOCI
 
Affected Line Item in the
Consolidated Income Statement
 
 
December 31,
 
 
 
 
2015
 
2014
 
2013
 
 
Net unrealized investment loss:
 
 
 
 
 
 
 
 
Net realized loss on investments
 
$
(121,539
)
 
$
(59,422
)
 
$
(123,157
)
 
Other net investment losses
Other-than-temporary impairments
 
(18,939
)
 
(6,326
)
 
(1,721
)
 
Total other-than-temporary impairments
Net unrealized loss before income taxes
 
(140,478
)
 
(65,748
)
 
(124,878
)
 
 
Income tax benefit
 
49,168

 
23,011

 
43,708

 
 
Reclassifications, net of income taxes
 
$
(91,310
)
 
$
(42,737
)
 
$
(81,170
)
 
 




59


PART C

OTHER INFORMATION

Item 24. Financial Statements and Exhibits

(a) Financial Statements:

(1) Financial statements and schedules included in Part A:

Not Applicable.

(2) Financial statements and schedules included in Part B:

Jackson National Separate Account - I:

Report of Independent Registered Public Accounting Firm
Statements of Assets and Liabilities as of December 31, 2015
Statements of Operations for the period ended December 31, 2015
Statements of Changes in Net Assets for the periods ended December 31, 2015 and 2014
Notes to Financial Statements

Jackson National Life Insurance Company:

Report of Independent Registered Public Accounting Firm
Consolidated Balance Sheets as of December 31, 2015 and 2014
Consolidated Income Statements for the years ended December 31, 2015, 2014, and 2013
Consolidated Statements of Stockholder's Equity and Comprehensive Income for the years ended
December 31, 2015, 2014, and 2013
Consolidated Statements of Cash Flows for the years ended December 31, 2015, 2014, and 2013
Notes to Consolidated Financial Statements

(b) Exhibits

Exhibit    Description
No.

1.
Resolution of Depositor's Board of Directors authorizing the establishment of the Registrant, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 9 filed on April 21, 1999 (File Nos. 033-82080 and 811-08664).

2.
Not Applicable.

3.    

a.
Amended and Restated General Distributor Agreement dated June 1, 2006, incorporated herein by reference to the Registrant's Registration Statement filed on August 10, 2006 (File Nos. 333-136472 and 811-08664).

b.
Specimen of Selling Agreement (V2565 06/14), incorporated herein by reference to Registrant’s Post-Effective Amendment No. 13, filed on September 11, 2014 (File Nos. 333-183048 and 811-08664).

c.
Specimen of Fee-Based Product Addendum to Selling Agreement, attached hereto.





4.

a.
Specimen of the Elite Access Advisory Variable Annuity Contract (ICC16 VA780), incorporated herein by referenced to Registrant's Registration Statement, filed on July 7, 2016 (File Nos. 333-212424 and 811-08664).

b.
Specimen of Retirement Plan Endorsement, incorporated herein by reference to the Registrant's Registration Statement filed on August 19, 2004 (File Nos. 333-118368 and 811-08664).

c.
Specimen of Charitable Remainder Trust Endorsement, incorporated herein by reference to the Registrant's Pre-Effective Amendment filed on December 23, 2004 (File Nos. 333-118368 and 811-08664).

d.
Form of Non-Qualified Stretch Annuity Endorsement (ICC14 7723), incorporated herein by reference to Registrant’s Post-Effective Amendment No. 9, filed on September 11, 2014 (File Nos. 333-176619 and 811-08664).

e.
Form of Individual Retirement Annuity Endorsement (ICC14 7715), incorporated herein by reference to Registrant’s Post-Effective Amendment No. 16, filed on January 20, 2015 (File Nos. 333-183048 and 811-08664).

f.
Form of Roth Individual Retirement Annuity Endorsement (ICC14 7716), incorporated herein by reference to Registrant’s Post-Effective Amendment No. 16, filed on January 20, 2015 (File Nos. 333-183048 and 811-08664).

g.
Form of Section 403(b) Tax Sheltered Annuity Endorsement (ICC14 7725), incorporated herein by reference to Registrant’s Post-Effective Amendment No. 16, filed on January 20, 2015 (File Nos. 333-183048 and 811-08664).

5.    

a.
Form of Variable Annuity Application (V780), incorporated herein by referenced to Registrant's Registration Statement, filed on July 7, 2016 (File Nos. 333-212424 and 811-08664).

b.
Form of Variable Annuity Application (V780), attached hereto.

6.

a.
Articles of Incorporation of Depositor, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 3 filed on April 30, 1996 (File Nos. 033-82080 and 811-08664).

b.
By-laws of Depositor, incorporated herein by reference to the Registrant's Post-Effective Amendment No. 3 filed on April 30, 1996 (File Nos. 033-82080 and 811-08664).

c.
Amended By-laws of Jackson National Life Insurance Company, incorporated herein by reference to the Registration Statement, filed on December 31, 2012 (File Nos. 333-185768 and 811-04405).

7.
Not Applicable.

8.
Amended and Restated Administrative Services Agreement between Jackson National Asset Management, LLC and Jackson National Life Insurance Company, incorporated herein by reference to Registrant’s Post-Effective Amendment No. 4, filed on April 23, 2013 (File Nos. 333-183048 and 811-08664).

9
Opinion and Consent of Counsel, attached hereto.

10.
Consent of Independent Registered Public Accounting Firm, attached hereto.





11.
Not Applicable.

12.
Not Applicable.

26.
Organizational Chart, attached hereto.

Item 25. Directors and Officers of the Depositor

Name and Principal Business Address
Positions and Offices with Depositor


Steve P. Binioris
Senior Vice President
1 Corporate Way

Lansing, MI 48951



Michele M. Binkley
Vice President
1 Corporate Way

Lansing, MI 48951



Dennis A. Blue
Vice President
1 Corporate Way

Lansing, MI 48951



Barrett M. Bonemer
Vice President
1 Corporate Way

Lansing, MI 48951



Pamela L. Bottles
Vice President
1 Corporate Way

Lansing, MI 48951



Andrew J. Bowden
Senior Vice President, General Counsel & Secretary
1 Corporate Way

Lansing, MI 48951



David L. Bowers
Vice President
300 Innovation Drive

Franklin, TN 37067



Gregory P. Cicotte
Executive Vice President & Chief Distribution Officer
300 Innovation Drive

Franklin, TN 37067



David A. Collins
Vice President & Deputy Chief Risk Officer
1 Corporate Way

Lansing, MI 48951



Michael A. Costello
Senior Vice President, Treasurer & Controller
1 Corporate Way

Lansing, MI 48951







Robert H. Dearman, Jr.
Vice President
1 Corporate Way

Lansing, MI 48951



William T. Devanney, Jr.
Vice President
1 Corporate Way

Lansing, MI 48951



Charles F. Field, Jr.
Vice President
300 Innovation Drive

Franklin, TN 37067



Dana R. Malesky Flegler
Vice President
1 Corporate Way

Lansing, MI 48951



Lisa Ilene Fox
Vice President
300 Innovation Drive

Franklin, TN 37067



Morten N. Friis
Director
1 Corporate Way

Lansing, MI 48951



Devkumar D. Ganguly
Vice President
1 Corporate Way

Lansing, MI 48951



Julia A. Goatley
Senior Vice President
1 Corporate Way

Lansing, MI 48951



Guillermo E. Guerra
Vice President & Corporate Information Security Officer
1 Corporate Way

Lansing, MI 48951



Robert W. Hajdu
Vice President
1 Corporate Way

Lansing, MI 48951



Laura L. Hanson
Vice President
1 Corporate Way

Lansing, MI 48951



Bradley O. Harris
Senior Vice President, Chief Risk Officer & Director
300 Innovation Drive

Franklin, TN 37067



Robert L. Hill
Vice President
1 Corporate Way

Lansing, MI 48951







Julie A. Hughes
Vice President
1 Corporate Way

Lansing, MI 48951



Thomas P. Hyatte
Senior Vice President
1 Corporate Way

Lansing, MI 48951



Matthew T. Irey
Vice President
1 Corporate Way

Lansing, MI 48951



Thomas A. Janda
Vice President
1 Corporate Way

Lansing, MI 48951



Scott F. Klus
Vice President
1 Corporate Way

Lansing, MI 48951



Toni L. Klus
Vice President
1 Corporate Way

Lansing, MI 48951



Richard C. Liphardt
Vice President
1 Corporate Way

Lansing, MI 48951



Wayne R. Longcore
Vice President
1 Corporate Way

Lansing, MI 48951



Dennis J. Manning
Chairman & Director
1 Corporate Way

Lansing, MI 48951



Machelle A. McAdory
Senior Vice President & Chief Human Resource Officer
1 Corporate Way

Lansing, MI 48951



Diahn M. McHenry
Vice President
1 Corporate Way

Lansing, MI 48951



Ryan T. Mellott
Vice President
1 Corporate Way

Lansing, MI 48951







Dean M. Miller
Vice President
300 Connell Drive

Suite 2100

Berkeley Heights, NJ 07922



Keith R. Moore
Senior Vice President & Chief Technology Officer
1 Corporate Way

Lansing, MI 48951



Jacky Morin
Vice President
300 Connell Drive

Suite 2100

Berkeley Heights, NJ 09722



P. Chad Myers
Executive Vice President, Chief Financial Officer & Director
1 Corporate Way

Lansing, MI 48951



Emilio Pardo
Senior Vice President
300 Innovation Drive

Franklin, TN 37067



Laura L. Prieskorn
Senior Vice President & Chief Administration Officer
1 Corporate Way

Lansing, Michigan 48951



Dana S. Rapier
Vice President
1 Corporate Way

Lansing, MI 48951



James J. Scanlan
Director
1 Corporate Way

Lansing, MI 48951



Stacey L. Schabel
Vice President
1 Corporate Way

Lansing, MI 48951



James A. Schultz
Vice President
1 Corporate Way

Lansing, MI 48951



William R. Schulz
Vice President
1 Corporate Way

Lansing, MI 48951



Muhammad S. Shami
Vice President
1 Corporate Way

Lansing, MI 48951







James R. Sopha
President & Director
1 Corporate Way

Lansing, MI 48951



Kenneth H. Stewart
Senior Vice President
1 Corporate Way

Lansing, MI 48951



Michael D. Story
Vice President
1 Corporate Way

Lansing, MI 48951



Barry L. Stowe
Director
300 Innovation Drive

Franklin, TN 37067



Heather R. Strang
Vice President
1 Corporate Way

Lansing, MI 48951



Marion C. Terrell II
Vice President
1 Corporate Way

Lansing, MI 48951



Marcia L. Wadsten
Senior Vice President, Chief Actuary & Appointed Actuary
1 Corporate Way

Lansing, MI 48951



Brian M. Walta
Vice President
1 Corporate Way

Lansing, MI 48951



Bonnie G. Wasgatt
Senior Vice President & Chief Information Officer
1 Corporate Way

Lansing, MI 48951


Item 26. Persons Controlled by or Under Common Control with the Depositor or Registrant.

The Registrant is a separate account of Jackson National Life Insurance Company (“Depositor”), a stock life insurance company organized under the laws of the state of Michigan. The Depositor is a wholly owned subsidiary of Brooke Life Insurance Company and is ultimately a wholly owned subsidiary of Prudential plc (London, England), a publicly traded life insurance company in the United Kingdom.

The organizational chart for Prudential plc indicates those persons who are controlled by or under common control with the Depositor. No person is controlled by the Registrant.

The organizational chart for Prudential plc is incorporated herein by reference to Exhibit 26, attached hereto.

Item 27. Number of Contract Owners

Not applicable at this time.





Item 28. Indemnification

Provision is made in the Company's Amended By-Laws for indemnification by the Company of any person who was or is a party or is threatened to be made a party to a civil, criminal, administrative or Investigative action by reason of the fact that such person is or was a director, officer or employee of the Company, against expenses, including attorneys' fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceedings, to the extent and under the circumstances permitted by the General Corporation Law of the State of Michigan.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 ("Act") may be permitted to directors, officers and controlling persons of the Company pursuant to the foregoing provisions, or otherwise, the Company has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against liabilities (other than the payment by the Company of expenses incurred or paid by a director, officer or controlling person of the Company in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Company will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Item 29. Principal Underwriter

a)
Jackson National Life Distributors LLC acts as general distributor for the Jackson National Separate Account - I. Jackson National Life Distributors LLC also acts as general distributor for the Jackson National Separate Account III, the Jackson National Separate Account IV, the Jackson National Separate Account V, the JNLNY Separate Account I, the JNLNY Separate Account II, the JNLNY Separate Account IV, the Jackson Sage Variable Annuity Account A, the Jackson Sage Variable Life Account A, the Jackson SWL Variable Annuity Fund I, the JNL Series Trust, JNL Variable Fund LLC, JNL Investors Series Trust, and Jackson Variable Series Trust.

b)
Directors and Officers of Jackson National Life Distributors LLC:

Name and Business Address
Positions and Offices with Underwriter


Steve P. Binioris
Manager
1 Corporate Way

Lansing, MI 48951



Gregory P. Cicotte
President, Chief Executive Officer & Manager
300 Innovation Drive

Franklin, TN 37067



Bradley O. Harris
Manager
300 Innovation Drive

Franklin, TN 37067



Emilio Pardo
Manager
300 Innovation Drive

Franklin, TN 37067



James R. Sopha
Chairman & Manager
1 Corporate Way

Lansing, MI 48951







Heather R. Strang
Manager
1 Corporate Way

Lansing, MI 48951



Stephen M. Ash
Vice President
7601 Technology Way

Denver, CO 80237



Jeffrey Bain
Vice President
7601 Technology Way

Denver, CO 80237



Brad Baker
Vice President
7601 Technology Way

Denver, CO 80237



Erin Balcaitis
Vice President
7601 Technology Way

Denver, CO 80237



Tori Bullen
Senior Vice President
7601 Technology Way

Denver, CO 80237



Richard Catts
Vice President
7601 Technology Way

Denver, CO 80237



Maura Collins
Executive Vice President, Chief Financial Officer & FinOp
7601 Technology Way

Denver, CO 80237



Court Chynces
Vice President
7601 Technology Way
 
Denver, CO 80237
 
 
 
Christopher Cord
Vice President
7601 Technology Way

Denver, CO 80237



Justin Fitzpatrick
Vice President
7601 Technology Way

Denver, CO 80237



Mark Godfrey
Vice President
7601 Technology Way

Denver, CO 80237



Scott Golde
General Counsel
1 Corporate Way

Lansing, MI 48951







Ashley Golson
Vice President
300 Innovation Drive

Franklin, TN 37067



Luis Gomez
Vice President
7601 Technology Way

Denver, CO 80237



Elizabeth Griffith
Senior Vice President
300 Innovation Drive

Franklin, TN 37067



Kelli Hill
Vice President
7601 Technology Way

Denver, CO 80237



Thomas Hurley
Senior Vice President
7601 Technology Way

Denver, CO 80237



Mark Jones
Vice President
7601 Technology Way

Denver, CO 80237



Doug Mantelli
Senior Vice President
7601 Technology Way

Denver, CO 80237



Tamu McCreary
Vice President
7601 Technology Way

Denver, CO 80237



Timothy McDowell
Senior Vice President & Chief Compliance Officer
7601 Technology Way

Denver, CO 80237



Jennifer Meyer
Vice President
7601 Technology Way

Denver, CO 80237



Peter Meyers
Vice President
7601 Technology Way

Denver, CO 80237



Steven O’Connor
Vice President
7601 Technology Way

Denver, CO 80237



Allison Pearson
Vice President
7601 Technology Way

Denver, CO 80237







John Poulsen
Executive Vice President, Sales Strategy
300 Innovation Drive

Franklin, TN 37067



Jeremy D. Rafferty
Vice President
7601 Technology Way

Denver, CO 80237



Alison Reed
Executive Vice President, Operations
7601 Technology Way

Denver, CO 80237



Kristan L. Richardson
Secretary
1 Corporate Way

Lansing, MI 48951



Marilynn Scherer
Vice President
7601 Technology Way

Denver, CO 80237



Marc Socol
Executive Vice President, National Sales Manager
7601 Technology Way

Denver, CO 80237



Melissa Sommer
Vice President
7601 Technology Way

Denver, CO 80237



Daniel Starishevsky
Senior Vice President
7601 Technology Way

Denver, CO 80237



Ryan Strauser
Vice President
7601 Technology Way

Denver, VO 80237



Brian Sward
Senior Vice President
7601 Technology Way

Denver, CO 80237



Jeremy Swartz
Vice President
7601 Technology Way

Denver, CO 80237



Robin Tallman
Vice President & Controller
7601 Technology Way

Denver, CO 80237



Brad Whiting
Vice President
7601 Technology Way

Denver, CO 80237







Phil Wright
Vice President
7601 Technology Way

Denver, CO 80237


(c)

Name of Principal Underwriter
Net Underwriting Discounts and Commissions
Compensation on Redemption
Brokerage Commissions
Compensation
Jackson National Life Distributors LLC
Not Applicable
Not Applicable
Not Applicable
Not Applicable

Item. 30. Location of Accounts and Records

Jackson National Life Insurance Company
1 Corporate Way
Lansing, Michigan 48951

Jackson National Life Insurance Company
Institutional Marketing Group Service Center
1 Corporate Way
Lansing, Michigan 48951

Jackson National Life Insurance Company
7601 Technology Way
Denver, Colorado 80237

Jackson National Life Insurance Company
225 West Wacker Drive, Suite 1200
Chicago, IL 60606

Item. 31. Management Services

Not Applicable.

Item. 32. Undertakings and Representations

a)
Jackson National Life Insurance Company hereby undertakes to file a post-effective amendment to this registration statement as frequently as is necessary to ensure that the audited financial statements in the registration statement are never more than sixteen (16) months old for so long as payment under the variable annuity contracts may be accepted.

b)
Jackson National Life Insurance Company hereby undertakes to include either (1) as part of any application to purchase a contract offered by the Prospectus, a space that an applicant can check to request a Statement of Additional Information, or (2) a postcard or similar written communication affixed to or included in the Prospectus that the applicant can remove to send for a Statement of Additional Information.

c)
Jackson National Life Insurance Company hereby undertakes to deliver any Statement of Additional Information and any financial statement required to be made available under this Form promptly upon written or oral request.

d)
Jackson National Life Insurance Company represents that the fees and charges deducted under the contract, in the aggregate, are reasonable in relation to the services rendered, the expenses to be incurred, and the risks assumed by Jackson National Life Insurance Company.





e)
The Registrant hereby represents that any contract offered by the prospectus and which is issued pursuant to Section 403(b) of the Internal Revenue Code of 1986 as amended, is issued by the Registrant in reliance upon, and in compliance with, the Securities and Exchange Commission's industry-wide no-action letter to the American Council of Life Insurance (publicly available November 28, 1988) which permits withdrawal restrictions to the extent necessary to comply with IRS Section 403(b)(11).







SIGNATURES

As required by the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has caused this Registration Statement to be signed on its behalf, in the City of Lansing, and State of Michigan, on this 30th day of November, 2016.

Jackson National Separate Account - I
(Registrant)

Jackson National Life Insurance Company


By: /s/ ANDREW J. BOWDEN    
Andrew J. Bowden
Senior Vice President, General Counsel
and Secretary

Jackson National Life Insurance Company
(Depositor)


By: /s/ ANDREW J. BOWDEN    
Andrew J. Bowden
Senior Vice President, General Counsel
and Secretary

As required by the Securities Act of 1933, this post-effective amendment to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

*
 
November 30, 2016
James R. Sopha, President and Director
 
 
 
 
 
 
 
 
*
 
November 30, 2016
P. Chad Myers, Executive Vice President,
Chief Financial Officer and Director
 
 
 
 
 
 
 
 
*
 
November 30, 2016
Michael A. Costello, Senior Vice President, Treasurer and Controller
 
 
 
 
 
 
 
 
*
 
November 30, 2016
Bradley O. Harris, Senior Vice President,
Chief Risk Officer and Director
 
 
 
 
 
 
 
 
*
 
November 30, 2016
Morten N. Friis, Director
 
 
 
 
 
 
 
 
*
 
November 30, 2016
Dennis J. Manning, Chairman and Director
 
 
 
 
 




 
 
 
*
 
November 30, 2016
James J. Scanlan, Director
 
 
 
 
 
 
 
 
*
 
November 30, 2016
Barry L. Stowe, Director
 
 





* By: /s/ ANDREW J. BOWDEN    
Andrew J. Bowden, as Attorney-in-Fact,
pursuant to Power of Attorney filed herewith.







POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned as directors and/or officers of JACKSON NATIONAL LIFE INSURANCE COMPANY (the Depositor), a Michigan corporation, hereby appoint James R. Sopha, P. Chad Myers, Andrew J. Bowden, Susan S. Rhee, and Frank J. Julian (each with power to act without the others) his/her attorney-in-fact and agent, with full power of substitution and resubstitution, for and in his/her name, place and stead, in any and all capacities, to sign applications and registration statements, and any and all amendments, with power to affix the corporate seal and to attest it, and to file the applications, registration statements, and amendments, with all exhibits and requirements, in accordance with the Securities Act of 1933, the Securities and Exchange Act of 1934, and/or the Investment Company Act of 1940. This Power of Attorney concerns Jackson National Separate Account - I (File Nos. 033-82080, 333-70472, 333-73850, 333-118368, 333-119656, 333-132128, 333-136472, 333-155675, 333-172874, 333-172875, 333-172877, 333-175718, 333-175719, 333-176619, 333-178774, 333-183048, 333-183049, 333-183050, 333-192971, 333-210504, and 333-212424), Jackson National Separate Account III (File No. 333-41153), Jackson National Separate Account IV (File Nos. 333-108433 and 333-118131), and Jackson National Separate Account V (File No. 333-70697), as well as any future separate account(s) and/or future file number(s) within any separate account(s) that the Depositor establishes through which securities, particularly variable annuity contracts and variable universal life insurance policies, are to be offered for sale. The undersigned grant to each attorney-in-fact and agent full authority to take all necessary actions to effectuate the above as fully, to all intents and purposes, as he/she could do in person, thereby ratifying and confirming all that said attorneys-in-fact and agents, or any one of them, may lawfully do or cause to be done by virtue hereof. This instrument may be executed in one or more counterparts.

IN WITNESS WHEREOF, the undersigned have executed this Power of Attorney effective as of the 16th day of August, 2016.

/s/ JAMES R. SOPHA
James R. Sopha, President and Director
/s/ P. CHAD MYERS
P. Chad Myers, Executive Vice President,
Chief Financial Officer and Director
/s/ MICHAEL A. COSTELLO
Michael A. Costello, Senior Vice President, Treasurer
and Controller
/s/ BRADLEY O. HARRIS
Bradley O. Harris, Senior Vice President,
Chief Risk Officer and Director
/s/ DENNIS J. MANNING
Dennis J. Manning, Chairman and Director
/s/ JAMES J. SCANLAN
James J. Scanlan, Director
/s/ BARRY L. STOWE
Barry L. Stowe, Director




POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned as directors and/or officers of JACKSON NATIONAL LIFE INSURANCE COMPANY (the Depositor), a Michigan corporation, hereby appoint James R. Sopha, P. Chad Myers, Andrew J. Bowden, Susan S. Rhee, and Frank J. Julian (each with power to act without the others) his/her attorney-in-fact and agent, with full power of substitution and resubstitution, for and in his/her name, place and stead, in any and all capacities, to sign applications and registration statements, and any and all amendments, with power to affix the corporate seal and to attest it, and to file the applications, registration statements, and amendments, with all exhibits and requirements, in accordance with the Securities Act of 1933, the Securities and Exchange Act of 1934, and/or the Investment Company Act of 1940. This Power of Attorney concerns Jackson National Separate Account - I (File Nos. 033-82080, 333-70472, 333-73850, 333-118368, 333-119656, 333-132128, 333-136472, 333-155675, 333-172874, 333-172875, 333-172877, 333-175718, 333-175719, 333-176619, 333-178774, 333-183048, 333-183049, 333-183050, 333-192971, 333-210504, and 333-212424), Jackson National Separate Account III (File No. 333-41153), Jackson National Separate Account IV (File Nos. 333-108433 and 333-118131), and Jackson National Separate Account V (File No. 333-70697), as well as any future separate account(s) and/or future file number(s) within any separate account(s) that the Depositor establishes through which securities, particularly variable annuity contracts and variable universal life insurance policies, are to be offered for sale. The undersigned grant to each attorney-in-fact and agent full authority to take all necessary actions to effectuate the above as fully, to all intents and purposes, as he/she could do in person, thereby ratifying and confirming all that said attorneys-in-fact and agents, or any one of them, may lawfully do or cause to be done by virtue hereof. This instrument may be executed in one or more counterparts.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney effective as of the 19th day of August, 2016.

/s/ MORTEN N. FRIIS
Morten N. Friis, Director










EXHIBIT LIST

Exhibit No.
Description


3c.
Specimen of Fee-Based Product Addendum to Selling Agreement.

5a.
Form of Variable Annuity Application (V780).

9.
Opinion and Consent of Counsel.

10.
Consent of Independent Registered Public Accounting Firm.

26.
Organizational Chart.


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘N-4/A’ Filing    Date    Other Filings
3/15/27
2/28/18
2/27/18
1/15/18
1/14/18
12/15/17
2/28/17
1/15/17
12/15/16
Filed on:11/30/16
10/1/16
7/7/16N-4
4/22/16485BPOS
3/22/16
3/21/16
3/4/16
12/31/1524F-2NT,  NSAR-U
12/15/15
9/28/15485BPOS,  497,  497J
9/25/15485BPOS
7/31/15
4/27/15485BPOS,  497,  497J
4/24/15485BPOS
1/20/15485APOS
1/1/15
12/31/1424F-2NT,  NSAR-U
9/15/14485BPOS,  497,  497J
9/11/14485BPOS
4/28/14485BPOS,  497
1/1/14
12/31/1324F-2NT,  NSAR-U
9/16/13485BPOS
4/29/13485BPOS
4/23/13485APOS,  485BPOS
12/31/1224F-2NT,  24F-2NT/A,  NSAR-U
9/10/12485BPOS
9/4/12485BPOS,  N-4/A
7/1/12
4/30/12485BPOS
2/6/12
12/31/1124F-2NT,  NSAR-U
12/12/11485BPOS
8/29/11485BPOS
1/1/11
1/1/10
8/10/06N-4
6/1/06
12/23/04N-4/A
8/19/04N-4
4/21/99485BPOS
3/15/97
4/30/96485BPOS
10/16/95
6/14/93
 List all Filings 

27 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/23/24  Jackson National Sep Account - I  485BPOS     4/29/24   13:6.3M
 4/23/24  Jnlny Separate Account I          485BPOS     4/29/24   13:9.5M
 4/23/24  Jnlny Separate Account I          485BPOS     4/29/24   13:5.7M
 4/23/24  Jnlny Separate Account I          485BPOS     4/29/24   13:6M
 8/25/23  Jnlny Separate Account I          485BPOS     8/28/23   14:12M
 5/11/23  Jackson National Sep Account - I  485BPOS     5/11/23    3:626K
 4/25/23  Jackson National Sep Account - I  485BPOS     5/01/23   13:6.5M
 4/25/23  Jnlny Separate Account I          485BPOS     5/01/23   13:9.7M
 4/25/23  Jnlny Separate Account I          485BPOS     5/01/23   13:6.5M
 4/25/23  Jnlny Separate Account I          485BPOS     5/01/23   14:7.5M
10/17/22  Jackson National Sep Account - I  485BPOS    10/17/22    6:10M
 7/29/22  Jackson National Sep Account - I  485APOS                3:7.1M
 4/19/22  Jackson National Sep Account - I  485BPOS     4/25/22    5:5.5M
 4/19/22  Jnlny Separate Account I          485BPOS     4/25/22    5:7.9M
 4/19/22  Jnlny Separate Account I          485BPOS     4/25/22    5:5.3M
 4/19/22  Jnlny Separate Account I          485BPOS     4/25/22    5:5.3M
 7/30/21  Jnlny Separate Account I          N-4/A                  4:2.4M
 7/30/21  Jnlny Separate Account I          N-4/A                  4:2.5M
 7/19/21  Jackson National Sep Account - I  485BPOS     7/19/21    3:493K
 5/14/21  Jnlny Separate Account I          N-4/A5/14/21    7:6.8M
 4/20/21  Jackson National Sep Account - I  485BPOS     4/26/21    5:5M
 4/20/21  Jnlny Separate Account I          485BPOS     4/26/21    5:7.5M
 4/20/21  Jnlny Separate Account I          485BPOS     4/26/21    6:6M
 1/22/21  Jnlny Separate Account I          N-41/22/21    8:18M
12/29/20  Jackson National Sep Account - I  485APOS12/29/20    6:5.7M
10/28/20  Jnlny Separate Account I          485BPOS    11/02/20    3:542K
 8/04/20  Jnlny Separate Account I          485BPOS     8/10/20    4:3.8M
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